Cryptocurrency Prices And News: Bitcoin Hovers Below $27,000 Level As Cryptos Edge Higher

Cryptocurrency News: Bitcoin continued hovering below $27,000 Monday after being unable to hold support at its level over the weekend. Meanwhile, ethereum and cryptocurrency prices edged higher.

Crypto company Tether announced Wednesday it will regularly invest 15% of its net operating profit into buying bitcoin to “diversify” the reserves for its USDT stablecoin. Tether currently holds $1.5 billion in bitcoin in its reserves.

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Cryptocurrency Price Action

Bitcoin rose to $26,900 late Monday from its overnight lows of $26,550 after retreating from its weekend high of $27,250 on Saturday. BTC is trading above its two-month low of $26,300 from May 12 and retreating from its April 14 peak of $31,019 – its highest level since last June. BTC has lost more ground from its $30,000 level since May 5 after a transaction backlog caused the price to dive on May 8. The world’s largest cryptocurrency bolted roughly 62.5% so far this year.

Ethereum climbed to $1,823 Monday from its late Sunday low near $1,790. Ethereum peaked at $2,139 on April 16 – its highest level since last May and shot above $2,000 for the first time in nearly a year on April 13 following its Shanghai upgrade to a proof-of-stake network. The No. 2 crypto soared nearly 53% year-to-date.

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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.

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