Bitcoin Trades Below $47,000 as Cryptocurrencies Limp Into Year-End

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OZAN ​​KOSE/AFP/Getty Images

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Bitcoin was trading below $47,000, causing losses for the cryptocurrency at the end of the year.

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Bitcoin, the world’s largest cryptocurrency, was down 4.6% over the past 24 hours at $46,894. According to CoinDesk, it is down 2.5% this week and 17.3% in the past month. Bitcoin’s all-time high is $68,790, which was set on November 10. According to Businesshala, bitcoin was on course for its worst monthly decline since May.

CoinDesk reports that bitcoin is down nearly 7% on Tuesday as the market moves further. monthly option expiration,

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Ethereum,
The second largest digital currency, fell 4.6% to $3,732 on Tuesday. It is down 5% this week and about 13% compared to last month.

Amid rising interest rates, tighter liquidity in financial markets and changing regulatory stances, demand for the two biggest cryptocurrencies shrank towards the end of the year, but they both posted significant gains in 2021. Bitcoin is up 65% so far, while Ethereum is up 414%.

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Cryptocurrency-linked stocks are also taking it on the chin. Marathon Digital (MARA) dropped 10.8% on Tuesday and is down 31% over the past month; Riot Blockchain (RIOT) fell 8.5% on Tuesday and is down 36.7% over the past month. Crypto trading platform Coinbase (COIN), fell 6.7% to $261.33 on Tuesday.

Last week Coinbase was selected as one of Oppenheimer’s top picks for 2022, with analysts rating the stock outperform with a $444 price target.

Write to Joe Woelfel at [email protected]

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