HomeBusinessCryptocurrency Prices and News: Bitcoin Drops Below $63,000, Ahead of the Halving

Cryptocurrency Prices and News: Bitcoin Drops Below $63,000, Ahead of the Halving


Cryptocurrency News: Cryptocurrency prices fell early Tuesday as Bitcoin fell below $63,000, with the long-awaited halving just days away.

Elsewhere, Sam Bankman-Fried was sentenced to 25 years in prison on March 28 for his role in the 2022 collapse of crypto exchange FTX.

The strong new highs are rooted in the sector’s historic step forward on January 11. That was the first day of trading after the SEC approved 11 bitcoin ETF applications, including issuers. ARK Invest (ARKK), Black rock (BLK), Grayscale, VanEck and more. Coinbase serves as the custodian for a majority of the new ETF issuers. How do crypto custodians keep digital assets safe?

The best Bitcoin and cryptocurrency ETFs to view and buy

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Cryptocurrency price action

Bitcoin fell nearly $62,200 early Tuesday, marking a decline of 5.9% in the past 24 hours. On March 14, Bitcoin hit a new all-time high of $73,798. The cryptocurrency is above its previous peak of $68,990 from November 2021.

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Bitcoin had risen to $49,000 on January 11 on the ETF’s launch day, but then fell back to early December 2023 levels prior to the SEC announcement. The world’s largest cryptocurrency recovered by about 157% in 2023. Bitcoin is up about 49% so far this year, with most of its gains extended in February and March.

Ethereum fell about 4% over the past 24 hours to $3,065 Tuesday morning. Ethereum is still far from its March 12 52-week high of $4,092. The cryptocurrency is working towards December 2021 levels and is still well below the November 2021 peak above $4,800.

Ethereum surpassed the $4,000 level for the first time in 26 months on March 8. The number 2 cryptocurrency is up almost 34% in 2024.

Cryptocurrency Prices Heatmap:

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Investments in digital assets are extremely volatile. Although the fundamental characteristics and technical indicators of cryptocurrency may differ, investors should focus on the same main objectives. First and foremost, stay protected by learning when it’s time to sell, cut losses, or take profits. Second, prepare to profit if the cryptocurrency starts to recover.

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Despite their original promise, cryptocurrencies have not functioned as a hedge against inflation. Instead, they follow the trend of the broader indexes. Read The Big Picture and Market Pulse to follow daily market trends.

Check out IBD’s best cryptocurrencies and crypto stocks to buy and watch to help you navigate the world of digital asset investing.

Want a deeper dive into crypto? View the article What is cryptocurrency? explanation page.

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