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.
Crypto prices fell on Friday after FTX officially filed for bankruptcy and CEO Sam Bankman-Fried resigned in the morning.
Meanwhile, FTX faces a regulatory probe over its handling of customer funds and lending practices.
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.
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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.
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.
Scroll down for more cryptocurrency news and price updates.
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.
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