March 23

Cryptocurrency Prices And News: Bitcoin Tumbles To $27,000 On Fed Rate Hike, Cryptos Retreat

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Cryptocurrency News: Cryptocurrency prices retreated Wednesday after the Federal Reserve hiked the federal funds rate by 25 basis points and indicated just one more increase in the near future. Bitcoin approached $29,000 prior to the announcement but quickly reversed lower.

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Cryptocurrency Price Action

Bitcoin tumbled more than 4% near $27,000 Wednesday afternoon, sliding as low as $26,685 following the Fed announcement. It traded as high as $28,889 prior to the news. Bitcoin’s intraday peak marked its highest level since June 11. BTC is up 14% so far this month, rallying from its month low under $19,800 from March 10. The world’s largest cryptocurrency is up 62% so far this year.

Ethereum slid 4% to trade around $1,720 Wednesday, climbing as high as $1,822 before the Fed release. ETH hit its March peak of $1,845 Sunday night and is up 4.5% so far this month, after recovering from its month low of $1,385 on March 10. The #2 crypto is up 43.7% year-to-date and trading at its highest levels since mid September.

Cryptocurrency Prices Heatmap:

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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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Read More Cryptocurrency News

Oversold Stock Market Bounces After CPI; Moody’s Downgrades U.S. Banking System To ‘Negative’Stock market indexes rose Tuesday after the February CPI showed hot short-term but improving long-term inflationary pressures. A United Airlines profit warning sent shock waves through the air transportation sector. A major… Read More
Bitcoin, Coinbase Key Stablecoin Rally On Banking Crisis InterventionThe price of cryptocurrency Bitcoin jumped by double digits while Coinbase Global rallied on Monday amid U.S. government efforts to prevent a banking crisis from spreading into the broader economy. Meanwhile, the… Read More
Silvergate Capital To Shut Down, Liquidate Crypto-Friendly Silvergate BankSI stock plummeted on Thursday after Silvergate Capital announced it will shut down operations and liquidate its subsidiary Silvergate Bank Wednesday evening. The news comes after last week’s announcement that Silvergate delayed quarterly… Read More
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More Crypto News From Dow Jones

How Crypto’s Collapse May Have Done The Economy A Favor

The FTX Fallout Is Laying Crypto Bare. It’s Now Sink Or Swim For The Industry

Who’s Who In The FTX Collapse: From Sam Bankman-Fried To Caroline Ellison

Off The Books: FTX, Alameda Neglected To Keep Records Of Transactions

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The post Cryptocurrency Prices And News: Bitcoin Tumbles To $27,000 On Fed Rate Hike, Cryptos Retreat appeared first on Investor’s Business Daily.

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