Author: HARRISON MILLER
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Cryptocurrency News: Bitcoin rose above $27,000 late Friday to post slight gains on the week after retreating from its $28,000 level over the weekend. Ethereum and cryptocurrencies rose on the day.
Bitcoin slid below $28,000 Tuesday after reclaiming its key level Sunday following news President Joe Biden and House Speaker Kevin McCarthy reached a deal on the debt ceiling. The deal removed the proposed Digital Asset Mining Energy (DAME) excise tax, which would impose a 30% tax on cryptocurrency mining companies if passed.
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Cryptocurrency outlook picks up amid bank crisis. The markets lifting bitcoin might surprise you.
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Cryptocurrency Price Action
Bitcoin traded around $27,200 late Friday to advance 1.8% during the week. It briefly reached its $28,000 level intraday Tuesday after retreating from its Sunday rally to $28,200 following the debt ceiling deal news. Bitcoin traded between $26,000 and $27,500 for the past several weeks as it slumped over the month from its April 14 peak of $31,019 – its highest level since last June. BTC has lost more ground from its $30,000 level since May 5 after a transaction backlog caused the price to dive on May 8. The world’s largest cryptocurrency bolted roughly 64% so far this year.
Ethereum rebounded above its $1,900 level Friday, just shy of its Sunday high of $1,917. Ethereum peaked at $2,139 on April 16 – its highest level since last May and shot above $2,000 for the first time in nearly a year on April 13 following its Shanghai upgrade to a proof-of-stake network. The No. 2 crypto soared nearly 59% year-to-date.
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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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Note: MicroStrategy is a software company that converts its cash into Bitcoin and heavily invests in cryptocurrency. Former CEO and Board Chairman Michael Saylor claims MSTR stock is essentially a Bitcoin spot ETF.
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