Cryptocurrency News: Bitcoin Price Retreats From $49,000 After ETF Launch

Analysis

The Cryptopians, discusses the current cryptocurrency moment and where the market is moving next. To get Laura’s take on NFTs and the metaverse, watch part 2 of the interview.

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Cryptocurrency News: Cryptocurrency prices were down early Friday after a volatile Thursday marked the first day of trading for spot bitcoin ETFs. Thursday was a historic day for the crypto industry after the SEC approved 11 bitcoin ETF proposals late Wednesday, which included issuers ARK Invest (ARKK), BlackRock (BLK), Grayscale (GBTC), VanEck and more.

Meanwhile, other trends are set to drive bitcoin in 2024, including the upcoming halving event in April and influx of institutional participation.

The Best Bitcoin, Cryptocurrency ETFs To Watch And Buy

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Cryptocurrency Price Action

Bitcoin fell to $45,800 Friday morning after spiking to $49,000 early Thursday on the ETF launch – its highest level since December 2021. BTC traded around $45,500 intraday Wednesday prior to the SEC announcement. The world’s largest cryptocurrency rebounded about 157% in 2023. Bitcoin is up 8.5% so far this year.

Ethereum traded around $2,680 early Friday after its Thursday rally above $2,600 for the first time since May 2022. The No. 2 crypto jumped roughly 92% in 2023. Ethereum is up more than 16% so far in 2024.

Cryptocurrency Prices Heatmap:

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Digital asset investments are extremely volatile. While cryptocurrency’s 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 losses or capture profits. Second, prepare to profit if the cryptocurrency starts to rebound.

Despite their original promise, cryptocurrencies haven’t acted as hedges against inflation. Instead, they’ve trended with the broader indexes. Read The Big Picture and Market Pulse to track daily market trends.

View IBD’s Best Cryptocurrencies And Crypto Stocks To Buy And Watch page to help navigate the world of digital asset investments.

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