Cryptocurrency News: Cryptocurrency prices pared gains Monday after an early rebound above $63,500 after Binance scored a partial victory in its lawsuit against the SEC. Industry experts predict that bitcoin's price could fall even lower as investors experience "summer blues."
Elsewhere, Japanese investment adviser Metaplanet said it bought $1.2 billion of bitcoin. CoinDesk reported that Metaplanet bought 20.2 bitcoin, moving ahead in its strategy to increase its bitcoin holdings by $6 million. The Tokyo-based adviser reported its current holdings at 161.3 BTC.
The Securities and Exchange Commission on May 23 approved 19b-4 forms for eight ether ETF applications, paving the way for spot ethereum ETFs to launch later this year. The 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 on April 19 completed its fourth halving event, which slashed the rewards doled out to miners. Bitcoin's price has historically risen in the months following previous halvings, but analysts are divided on the impact this year's event will have.
Elsewhere, Sam Bankman-Fried on March 28 was sentenced to 25 years in prison for his role in the 2022 collapse of crypto exchange FTX.
The string of new highs is rooted in the industry's historic step forward on Jan. 11. That was the first trading day after the SEC approved 11 bitcoin ETF applications, which included issuers ARK Invest, BlackRock, Grayscale, VanEck and more. Coinbase serves as the custodian for a majority of the new ETF issuers. How are crypto custodians keeping digital assets secure?
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Cryptocurrency Price Action
Bitcoin on Monday afternoon traded around $63,260, down from an early morning high above $63,500. On Friday, bitcoin scraped along lows around $60,000 last week, before stating its rebound Saturday. On March 14, bitcoin hit a new all-time high of $73,798, surpassing its prior record of $68,990 set in November 2021.
The world's largest cryptocurrency rebounded about 157% in 2023. Bitcoin is now up about 50.6% so far this year.
Ethereum popped 2% to $3,467. Early last week, ethereum slipped to near $3,350, it lowest since mid-May. Ethereum hit its 52-week high of $4,092 on March 12. The No. 2 crypto is still well below its November 2021 peak above $4,800.
Ethereum on March 8 crossed its $4,000 level for the first time in 26 months. Still, ETH soared nearly 52% 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.
Want a deeper dive into crypto? Check out the What Is Cryptocurrency? explainer page.
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