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The price of bitcoin fell below $18,000 Saturday before rebounding Sunday evening above $20,000, a level widely monitored by cryptocurrency enthusiasts.
Bitcoin rose 10% to $20,571.29 Sunday evening after falling to as low as $17,601.58 Saturday afternoon, according to CoinDesk. The digital currency lurched below $20,000 Saturday, sparking fears it could plunge further. It has lost 70% of its value from its high in November.
Concerns about the Federal Reserve’s actions to tame higher-than-expected inflation have pushed stocks and cryptocurrencies into a bear market. Big names in the industry, including Coinbase Global Inc., COIN 0.33% the biggest cryptocurrency exchange in the U.S., have recently announced job cuts.
“Bitcoin breaking the $20,000 price level was long coming, given the...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...