Cryptocurrency News: Bitcoin Falls, BlockFi Files For Bankruptcy

Cryptocurrency News: Cryptocurrency prices are down Monday as China Covid lockdown protests send global markets lower following the holiday weekend. Scroll down to catch up on the latest headlines.

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Cryptocurrency Price Action

Bitcoin shed more than 2% by Monday afternoon, falling near $16,200 from its overnight high above $16,500. The world’s largest cryptocurrency is fighting to stay above two-year lows as fears of a liquidity contagion stemming from the FTX bankruptcy could spread throughout the industry. Bitcoin traded above $21,000 at the beginning of the month, prior to the unraveling of FTX.

Ethereum sank more than 3.6% Monday, falling to $1,170 from $1,215 last night. The #2 crypto traded above $1,600 prior to the FTX collapse.

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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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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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