Bitcoin
prices were sliding today as the cryptocurrency continued to consolidate its previous gains.
Ethereum
was also declining, while
Cardano
was rising.
The price of Bitcoin had slipped 1.1% to $42, 646.64 over the past 24 hours, after declining 0.1% on Christmas Day. Ethereum had declined 1.5% to $2,242.62, while Cardano had advanced 1.2% to $0.61380848.
It’s difficult to find anything to blame for Bitcoin’s Boxing Day weakness. In fact, the pullback looks like little more than consolidation of previous gains. Not only was Bitcoin up 163% in 2023 heading into Tuesday, it had gained 15% in December alone.
The trading, though, leaves Bitcoin stuck in a range between $40,198.70 and $45,050.00, the same range it’s been in since leaping above $40,000 at the beginning of the month. Bitcoin’s recent strength has been tied to both hopes for the approval of a Bitcoin exchange-traded fund and the possibility of an easier Federal Reserve in 2024.
Write to Ben Levisohn at [email protected]
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