BREAKING: Stocks Jump At Open As Inflation Data Cools
Cryptocurrency News: Bitcoin is leading cryptocurrency prices higher Tuesday morning following the latest read on inflation with the Labor Department’s producers price index report. Still, most major digital assets are down nearly 20% over the last 10 days in the wake of FTX’s bankruptcy. 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.
Click here to jump to more on today’s Cryptocurrency News.
Bitcoin is trending above $16,900 early Tuesday and approaching its highs from Monday after reversing from overnight lows below $16,200. The world’s largest cryptocurrency traded above $21,000 two weekends ago prior to the unraveling of FTX. The two-week meltdown pushed Bitcoin to two-year lows.
Ethereum reversed above $1,270 Tuesday morning after sliding to $1,209 late Monday. 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.
Want a deeper dive into crypto? Check out the What Is Cryptocurrency? explainer page.
Silicon Valley Poured Money Into FTX, With Few Strings Attached
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