Bitcoin was down early Wednesday morning, while other cryptocurrencies were mixed.
The largest cryptocurrency fell 3% in the past 24 hours to $60,920.
Bitcoin hit an all-time high of nearly $74,000 in mid-March on the back of growing interest from new spot exchange-traded funds, but prices have since fallen.
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Bitcoin was down early Wednesday morning, while other cryptocurrencies were mixed.
The largest cryptocurrency fell 3% in the past 24 hours to $60,920.
Bitcoin hit an all-time high of nearly $74,000 in mid-March on the back of growing interest from new spot exchange-traded funds, but prices have since fallen.
“The cautious mood is driven by the decline in US and European stock markets and the strength of the dollar… If market caution persists, prices may move back to the $60,000 region in the short term and retest the 61.8% retracement level from the January low to the March high,” said Alex Kuptsikevich, market analyst at FxPro.
ether,
Bitcoin, the second-largest cryptocurrency, fell 2.4% to $3,365, but is up more than 70% in the past 12 months.
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The U.S. Securities and Exchange Commission recently approved a significant rule change that will allow for the trading of a spot Ethereum exchange-traded fund (ETF), with SEC Chairman Gary Gensler telling senators during a recent budget hearing that final approval of the ETF is expected this summer.
Smaller cryptocurrencies, or altcoins,
Solana
0.7% increase,
Cardano
It increased by 2.4%
Dogecoin
Decreased by 1.0%.
Email Adam Clark at adam.clark@barrons.com.
