Bitcoin and Ether Prices Drop in Weekend Slump

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Bitcoin has lost 58% since its November 2021 peak near $69,000.

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Dreamstime

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Cryptocurrency investors are getting no rest on Saturday, as digital assets resumed their decline after a midweek respite.

Bitcoin dropped 5.9% in the 24 hours through noon Eastern time on Saturday, to $28,782, in trading on the exchange operated by Coinbase Global (COIN). For the week, the cryptocurrency is down 20%—and the token has lost 58% since its November 2021 peak near $69,000.

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The story isnt much happier for holders of Ethereum : The crypto has lost 8.7% in the last 24 hours of trading on Coinbase, sliding to $1,966. Since November, Ethereum has lost 59%.

The digital declines have weighed heavily on the stocks of crypto-dependent businesses like Coinbase. While the company’s stock bounced 16% Friday to close at $67.87, its shares are down 72% so far this year—and 81% down from the crypto cosmos’ November heights.

Write to Bill Alpert at [email protected]

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Credit: www.marketwatch.com /

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