Singapore markets open in 2 hours 5 minutes

  • Straits Times Index

    3,200.03
    -15.04 (-0.47%)
     

  • S&P 500

    4,274.51
    +0.98 (+0.02%)
     

  • Dow

    33,550.27
    -68.61 (-0.20%)
     

  • Nasdaq

    13,092.85
    +29.24 (+0.22%)
     

  • Bitcoin USD

    26,302.50
    +147.51 (+0.56%)
     

  • CMC Crypto 200

    562.03
    -0.62 (-0.11%)
     

  • FTSE 100

    7,593.22
    -32.50 (-0.43%)
     

  • Gold

    1,894.10
    +3.20 (+0.17%)
     

  • Crude Oil

    93.84
    +0.16 (+0.17%)
     

  • 10-Yr Bond

    4.6260
    +0.0680 (+1.49%)
     

  • Nikkei

    32,371.90
    +56.85 (+0.18%)
     

  • Hang Seng

    17,611.87
    +144.97 (+0.83%)
     

  • FTSE Bursa Malaysia

    1,440.11
    -5.44 (-0.38%)
     

  • Jakarta Composite Index

    6,937.83
    +14.03 (+0.20%)
     

  • PSE Index

    6,374.68
    +110.74 (+1.77%)
     

Bitcoin hovers above $20,000 following tumultuous week for crypto

Yahoo Finance Video

Yahoo Finance's Ines Ferré discusses how bitcoin and other cryptocurrencies ended the trading week.

Video transcript

SEANA SMITH: Well, taking a look at crypto, it's been a brutal week for crypto as well. The selloff in Bitcoin bringing the price to just above 20,000. Ines Ferre has a closer look at the selling pressure for us. Ines.

INES FERRE: That's right, Seana. It has been a rough week for crypto asset holders. If you were in Bitcoin over the last seven days, you saw Bitcoin going lower. A couple of headlines this week that really caused a lot of this action, one being Celsius, the crypto lender which announced that it was restricting Bitcoin withdrawals, swaps, and transfers. Then you had Coinbase, the platform which announced a layoff of 18% of its employees, with CEO Brian Armstrong talking about a recession and crypto winter.

And then in the backdrop, of course, you had Bitcoin that has been falling. So this is a 10-day chart. Remember that Bitcoin trades through Saturday and Sundays as well. Over the last 10 days, losing 34% of its value. This week, the total global crypto market dipped below $1 trillion. So this idea of cryptocurrencies, of Bitcoin, of Ethereum being a hedge against inflation, not proven to be so. When the Fed tightens, all asset prices go down. Crypto has come down, guys.

RACHELLE AKUFFO: Indeed, and how has it. Ines Ferre there. Thank you so much for that update.