Bitcoin and ethereum led cryptocurrency prices higher Thursday, rebounding from their Wednesday slide following the Federal Reserve rate hike.
Meanwhile, the SEC ramps up enforcement against crypto firms, sending Coinbase (COIN) a warning Wednesday for potential securities violations. COIN stock tumbled 14% Thursday.
Bitcoin recovered around $28,200 late Thursday, rebounding from its Wednesday low of $26,685 following the Fed announcement. Bitcoin hit an intraday high of $28,889 Wednesday prior to the news, marking its highest level since June 11. BTC is up 20% so far in March, rallying from its month low under $19,800 from March 10. The world's largest cryptocurrency is up 70% so far this year.
Ethereum shot to $1,815 late Thursday, setting a new March high of $1,858 during the day. Ethereum is up 9.6% so far this month after recovering from its month low of $1,385 on March 10. The #2 crypto is up 51% year-to-date and trading at its highest levels since mid August.
Digital asset investments are extremely volatile. While cryptocurrency's fundamentals and technical indicators may differ, investors should focus on the same key objectives. First, stay protected by learning when it's time to sell, cut losses or capture profits. Second, prepare to profit if the cryptocurrency starts to rebound.
Despite their original promise, cryptocurrencies haven't acted as hedges against inflation. Instead, they've trended with the broader indexes. Read The Big Picture and Market Pulse to track daily market trends.
View IBD's Best Cryptocurrencies And Crypto Stocks To Buy And Watch page to help navigate the world of digital asset investments.
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