Connect with us


Business and Brands

Cryptocurrency Prices And News: Bitcoin Rebound Stalls, Binance Launches Recovery Fund

Published

2 years ago

on

Cryptocurrency News: Cryptocurrency prices fell lower Monday afternoon following a slight bounce early in the day after falling over the weekend in the wake of FTX’s bankruptcy. The full extent of the contagion has yet to be realized, as other firms are flash fresh warning signals. Scroll down to catch up on the latest crypto headlines.

Binance plans to launch an industry recovery fund for crypto projects facing liquidity crises in an effort to “reduce further cascading negative effects of FTX,” CEO Changpeng Zhao tweeted Monday.

Advertisement

Crypto prices fell on Friday after FTX officially filed for bankruptcy and CEO Sam Bankman-Fried resigned in the morning.

READ ALSO:   Experience Amazing Culinary Feast at the 2023 GTCO Food & Drink Festival

Meanwhile, FTX faces a regulatory probe over its handling of customer funds and lending practices.

Advertisement

Last Wednesday, Binance announced it would walk away from its proposal to buy FTX, the Wall Street Journal Reported. Binance announced it signed a nonbinding letter of intent to buy FTX’s non-U.S. operations in an effort to solve FTX’s liquidity crunch.

Click here to jump to more on today’s Cryptocurrency News.

Advertisement

Cryptocurrency Price Action

Bitcoin dropped below $16,400 Monday afternoon from its highs of $17,132 on the day and falling as low as $15,800 overnight Sunday. The world’s largest cryptocurrency was trading above its $21,000 level last weekend prior to the unraveling of FTX. The losses pushed Bitcoin to two-year lows.

READ ALSO:   Emirates Skywards launches exclusive double Tier Miles offer for members

Ethereum slipped to $1,220 from its intraday high of $1,287 after climbing from its overnight lows of $1,170. The #2 crypto traded near $1,650 prior to the FTX collapse.

Advertisement

Cryptocurrency Prices Heatmap:

Most Popular Cryptocurrencies

Scroll down for more cryptocurrency news and price updates.

Advertisement

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.

READ ALSO:   Zenith Bank reports 113% growth in pre-tax profit in Q3, 2023

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.

Advertisement

View IBD’s Best Cryptocurrencies And Crypto Stocks To Buy And Watch page to help navigate the world of digital asset investments.

Advertisement

Download CityNews Mobile App

Related Topics:
Advertisement







Download CityNews Mobile App

Also Read...