Markets
Cryptocurrency Prices & News: Bitcoin Approaches $69,700, Cryptocurrency Prices Rise
X
Cryptocurrency News: Cryptocurrency prices surged on Monday as bitcoin surpassed $69,600, while ethereum trended towards $3,850.
On May 23, the Securities and Exchange Commission approved Forms 19b-4 for eight requests for ether ETFs, paving the way for the launch of Ethereum spot ETFs later this year. S-1 registration statements still need to be approved before the ETFs can officially debut. The SEC did not provide a timetable for a judgment on the S-1 filings.
Bitcoin turned on The fourth halving concluded on April 19th, which drastically cut the rewards distributed to miners. The price of Bitcoin has historically increased in the months following previous halvings, but analysts are divided on the impact this year’s event will have.
Somewhere else, Sam Bankman-Fried was sentenced to 25 years on March 28 in prison for his role in the 2022 collapse of cryptocurrency exchange FTX.
The strong achievement of new highs has its roots in the historic step forward taken by the sector on January 11th. That was the first day of trading after the The SEC has approved 11 bitcoin ETF applicationswhich included the issuers ARK Investing (ARKK), Black rock (BLK), Grayscale, VanEck, and more. Coinbase serves as custodian for most new ETF issuers. How do cryptocurrency custodians keep digital assets safe?
The best Bitcoin and cryptocurrency ETFs to watch and buy
Click here to find out more about today’s Cryptocurrency News.
Cryptocurrency price action
Bitcoin rose to $69,650 on Monday, up 2.3% over the past 24 hours. Bitcoin peaked at $70,399 on May 20 before slowing down. On March 14, bitcoin reached a new all-time high of $73,798, surpassing the previous record of $68,990 set in November 2021.
Bitcoin had risen to $49,000 on Jan. 11 on the day of the ETF’s launch, only to fall back to its early December 2023 level before the SEC announcement. The world’s largest cryptocurrency has rebounded about 157% in 2023. Bitcoin is now up about 66% this year.
Ethereum was trading around $3,840 on Monday morning, up more than 1% in the past 24 hours. Ethereum is moving back towards its March 12 52-week high of $4,092. The No. 2 cryptocurrency is still well below its November 2021 peak above $4,800.
On March 8, Ethereum surpassed the $4,000 level for the first time in 26 months. However, ETH is up nearly 68% in 2024.
Cryptocurrency Price Heat Map:
Scroll down for more cryptocurrency news and price updates.
Investments in digital assets are extremely volatile. Although cryptocurrency fundamentals and technical indicators may differ, investors should focus on the same key objectives. First, stay protected by learning when it’s time to sell, cut your losses OR acquire profits. Second, prepare to profit if the cryptocurrency starts to recover.
Despite their original promise, cryptocurrencies have not worked as a hedge against inflation. Instead, they trended with the broader indices. Light The big picture and the pulse of the market to monitor daily market trends.
View IBD The best cryptocurrencies and crypto stocks to buy and watch page to help navigate the world of digital asset investing.
Do you want to delve deeper into the world of cryptocurrencies? Take a look at What is cryptocurrency? explanatory page.
Read more cryptocurrency news
to know more
More cryptocurrency news from Dow Jones
How Bitcoin’s upcoming halving differs from previous cryptocurrency cycles
The European Central Bank raises criticism of Bitcoin
Do you say Bitcoin is digital gold? Maybe it’s the digital pearls
Want to receive market guide information directly to your inbox? Sign up for IBD’s new daily newsletter by clicking the image below.
YOU MIGHT ALSO LIKE:
Get stock lists, stock ratings and more with IBD Digital
Find stocks to buy and watch with IBD Rankings
Identify bases and buy points with MarketSmith pattern recognition
Use swing trading strategies to find opportunities and manage risk