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    QONEQT in Crypto News

    08-Sep-2022 07:36 AM


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    Cryptocurrency Prices And News: Cathie Wood-Linked Firm Claims 'Crypto Unicorn' Status

    Cryptocurrency News: Major cryptocurrency prices continued to slide as the crypto markets opened in the red on Wednesday. But not all the news is bleak. 21.co, a Cathie Wood-linked crypto firm, is touting itself as "Switzerland's largest crypto unicorn" after its latest fundraising round. Meanwhile, Marathon Digital (MARA) continues to ramp up Bitcoin production with its latest mining report. In other bearish news, Signature Bank (SBNY) reported spot deposits fell by $1.6 billion, driven by the crypto downturn.

    Cryptocurrency Price Action
    Bitcoin popped Wednesday afternoon nearing $19,350 following the closing bell. September is historically the worst month for the world's largest cryptocurrency. Bitcoin's price has fallen an average 8.5% in September over the last five years.

    It's already been a tough summer for BTC. Its value tumbled 13.9% during August, sending it below its 200-week moving average of $22,680. Bitcoin's price is trading below the investor cost basis of $19,360, a critical area of support, according to ARK Investment Management's latest cryptocurrency report.

    Ethereum rebounded above $1,630 late Wednesday after tumbling the day prior. Ethereum is currently upgrading its network to a proof-of-stake consensus algorithm. The first phase of the merge, known as the Bellatrix upgrade, launched on Tuesday and prepares the blockchain for the merge. While the second phase, called the Paris update, will commence in the coming days. The merge is expected to complete between Sept. 16 - Sept. 20.

    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.
    Source: Investor's Business Daily