Cryptocurrency prices and related stocks surged on Monday as the Securities and Exchange Commission chose not to appeal its court loss against Grayscale Investments. This development reignited optimism for a future bitcoin exchange-traded fund, causing Bitcoin’s price to rise over 5% in 24 hours.
Simultaneously, members of Congress are crafting new anti-money laundering regulations for the cryptocurrency industry, a move reported by Politico. Last week, the Wall Street Journal reported that Hamas and the Palestinian Islamic Jihad received up to $134 million in digital currencies since 2021, following the surprise attack on Israel on Oct. 7.
In other news, former Alameda Research CEO Caroline Ellison testified last Tuesday, alleging that the disgraced cryptocurrency figure Sam Bankman-Fried instructed her to engage in criminal activities. Bankman-Fried, the former CEO of FTX and now a defendant in a trial, faces multiple fraud charges linked to the exchange’s collapse last year.
Cryptocurrency Price Action :
Bitcoin made a significant move, surging close to $28,500 on Monday after being mostly confined within the $26,000 range since late August. It previously reached a 2023 high of $31,809 on July 13 but struggled to maintain levels above $30,000 since July 24. This year, the world’s largest cryptocurrency has rebounded by approximately 72%.
Ethereum, on the other hand, experienced a 2.2% increase in the past 24 hours, trading around $1,600 late Monday. ETH had been largely hovering in the $1,600 range since the start of September and briefly touched $1,700 on October 1. In April, Ethereum reached a peak of $2,139, its highest level since May 2022, after transitioning to a proof-of-stake network through its Shanghai-market upgrade on April 13. Overall, the second-largest cryptocurrency has risen by approximately 33% year-to-date.
Cryptocurrency Prices Heatmap:
Digital asset investments carry significant volatility. When dealing with cryptocurrencies, investors should focus on key goals. First, prioritize protection by recognizing when to sell to limit losses or secure gains. Second, be ready to capitalize if the cryptocurrency shows signs of recovery.
Contrary to their initial promise, cryptocurrencies have not served as effective hedges against inflation. They tend to move in line with broader market trends. For daily market insights, consult “The Big Picture” and “Market Pulse.”
Explore IBD’s resource, “Best Cryptocurrencies and Crypto Stocks to Buy and Watch,” for guidance in navigating the realm of digital asset investments.
