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Cryptocurrency News:Â Cryptocurrency prices reversed slightly lower Friday following the May jobs report that showed hiring beat expectations. Bitcoin dipped back near $71,000 on the release after trending near $72,000 prior to the report.
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 judgement 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 strong 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 (ARKK), BlackRock (BLK), 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?
The Best Bitcoin, Cryptocurrency ETFs To Watch And Buy
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Cryptocurrency Price Action
Bitcoin fell back near $71,150 early Friday on the jobs report. Bitcoin trended toward $72,000 and cleared its late May highs ahead of the release. On March 14 bitcoin hit a new all-time high of $73,798, surpassing its prior record of $68,990 set in November 2021.
Bitcoin had spiked to $49,000 January 11 on the ETF launch day but then fell back into its early December 2023 level prior to the SEC announcement. The world’s largest cryptocurrency rebounded about 157% in 2023. Bitcoin is now up about 69% so far this year.
Ethereum slid back around $3,800 Friday morning from its early high of $3,853. Ethereum is trending back toward its March 12, 52-week high of $4,092. 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 66% 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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