On Thursday, cryptocurrency prices increased as Dow Jones futures increased following the most recent report on jobless claims.
On Wednesday, digital assets decreased in value as the stock market continued to decline due to concerns over interest rate hikes and a possible global recession.
Many professionals reject Sam Bankman-regrets Fried’s for the FTX catastrophe.
Brian Armstrong, CEO of Coinbase, said, “Plain and clear, it’s stolen consumer money.”
Last Monday, cryptocurrency lender BlockFi formally declared bankruptcy after disclosing “substantial exposure to FTX.”
Price Movement of Cryptocurrencies
After recovering from a low of $16,750 earlier in the day, Bitcoin recaptured $17,100 late on Thursday.
The biggest cryptocurrency in the world passed $17,400 on Sunday night, and it has been fluctuating about $17,000 this week while remaining above two-year lows.
Prior to the collapse of cryptocurrency exchange FTX and the following liquidity contagion spreading throughout the industry, Bitcoin was trading above $21,000 at the start of November.
After regaining $1,300 over the weekend, Ethereum increased by about 4% to $1,270.
The #2 cryptocurrency traded above $1,600 before the FTX meltdown and is currently slightly below mid-November highs.
Investments in digital assets are very erratic.
Investors should keep in mind the same primary goals despite potential differences between cryptocurrency’s fundamentals and technical indicators.
First, keep yourself safe by understanding when to sell, trim losses, or take profits.
Second, get ready to make money if the price of bitcoin starts to increase.
In spite of their initial promise, cryptocurrencies have not proven to be effective inflation hedges.
Instead, they have followed the broad indexes’ trajectory.
