Despite the announcement of BlockFi’s bankruptcy on Monday, the cryptocurrency markets have seen a resurgence. Bitcoin and Ethereum, which had previously been at two-year lows due to the FTX collapse, are now trading at their highest levels in a month. Scroll down to see the latest crypto headlines.
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Take a look at this week’s coverage of crypto ETFs such as BITQ and BLOK. Keep up with the latest news here Cryptocurrency Prices News. If you’re new to the world of Bitcoin, Ethereum, and other cryptos, stop by our What Is Cryptocurrency page to learn more.
Cryptocurrency Price Action
Bitcoin saw a 3% increase this week and is now trading at $17,000 as of Friday evening. This is the highest level the world’s biggest cryptocurrency has been trading at in a month, and a considerable rebound from the two-year lows that followed the FTX collapse.
Ethereum rose by 4.5% this week and is currently trading at $621. The world’s second-largest cryptocurrency has seen an increase in its price since the start of the year, when it was priced at around $150.
Ripple XRP also saw a 2.5% increase this week, trading at $0.78. It had a strong start to the year when it was at $0.45.
Cryptocurrency News
BlockFi, a major player in the crypto market, declared bankruptcy on Monday due to a lack of liquidity. The company will be liquidating its assets to pay off its creditors.
Despite this, the cryptocurrency markets have seen an increase this week. It is likely due to the positive economic data released, such as the three-week low in US jobless claims and the manufacturing and services PMI numbers that beat expectations.
Cryptocurrency ETFs, such as BITQ and BLOK, have been gaining traction this week. The US SEC is currently reviewing the funds, and is expected to make a decision soon.
FTX. Ethereum’s price surged to its highest level since the early 2000s, jumping 7.5% to $1,300 on Friday. It even traded above $1,600 before the FTX crash.
A heat map of digital asset prices can be seen below:
Cryptocurrency investors should always keep in mind the same basic goals: to protect their assets, to cut losses and to capture profits. It is important to remember that cryptos do not act as an inflation hedge as initially promised and have instead tended to follow the trend of the wider stock indexes.
For an in-depth look at digital asset investment, see IBD’s Best Cryptocurrencies and Crypto Stocks To Buy and Watch page. Those who want to learn more can read the What Is Cryptocurrency? Explainer page.
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