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Cryptocurrency News: Cryptocurrency prices rose again Tuesday as bitcoin eyes its $44,000 level after eclipsing $42,000 for the first time since April 2022 on Monday. Elsewhere, Needham hiked its price target for Coinbase stock on expectations the exchange still has room to run with retail traders waiting on the sidelines.
November was a busy month in cryptocurrency circles. The world’s top crypto exchange Binance on Nov. 21 agreed to an anti-money laundering settlement with the Department of Justice. Binance Holdings pleaded guilty and agreed to pay $4.3 billion to resolve a years-long probe that found the exchange failed to register as a money transmitting business and violated both the Bank Secrecy Act and International Emergency Economic Powers Act. As part of the settlement, CEO Changpeng ‘CZ’ Zhao resigned from his role and pleaded guilty to failing to maintain an effective anti-money laundering program. Zhao will personally pay a $50 million fine and faces up to an 18-month prison sentence. The Binance announcement comes after former FTX CEO Sam Bankman-Fried in early November was found guilty on seven criminal charges for his role in the 2022 collapse of the crypto exchange.
The Best Bitcoin, Cryptocurrency ETFs To Watch And Buy
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Cryptocurrency Price Action
Bitcoin traded near $44,100 late Tuesday after briefly jumping to $44,202 in the afternoon – its highest level since April 2022. The world’s largest cryptocurrency has rebounded about 166% so far this year.
Ethereum hovered around $2,280 Tuesday evening, fading from its $2,300 level intraday. ETH last traded above $2,300 in May 2022. The No. 2 crypto jumped roughly 90% year to date.
Cryptocurrency Prices Heatmap:
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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.
View IBD’s Best Cryptocurrencies And Crypto Stocks To Buy And Watch page to help navigate the world of digital asset investments.
Want a deeper dive into crypto? Check out the What Is Cryptocurrency? explainer page.
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Note: MicroStrategy is a software company that converts its cash into Bitcoin and heavily invests in cryptocurrency. Former CEO and Board Chairman Michael Saylor claims MSTR stock is essentially a Bitcoin spot ETF.
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