Bitcoin dropped below $40,000 Monday — the first time it’s been that low since August. Ethereum had a bad day too, dropping below $4,000 for the first time since September.
While both had risen back above those benchmarks by Tuesday, they extended a downward trend that started in late December. Some experts say this could be a low point related to recent news from the Federal Reserve that it will begin to pare back measures that prop up the economy amid growing inflation and economic recovery.
These recent drops in price have followed a disappointing December jobs report last week, as well as a release last week of minutes from the Federal Reserve Board’s December meeting, which signaled a winding down of monetary measures to boost the economy as it continues to improve. There was also a massive sell-off of Bitcoin futures, according to a CoinDesk report.
Meanwhile, PayPal is considering launching its own stablecoin. Binance CEO Changpeng “CZ” Zhao has reportedly become one of the world’s richest billionaires. And there’s a new scam on the rise involving cryptocurrency ATMs.
Here’s more on the latest crypto news that investors should know about:
- The Federal Trade Commission is warning consumers about a…
