Stock selloff hits Bitcoin and other cryptos
Bitcoin hit an all-time high last year of $68,990.90
What's driving the crypto selloff?
'Coin Stories' podcast host Natalie Brunell discusses Bitcoin amid cryptocurrency selloff and the Federal Reserve eyeing rate hikes.
Bitcoin prices mirrored U.S. stocks in Monday's sharp selloff.
The largest crypto currency by market value traded near the $30,000 level before bouncing off that low.
The S&P 500 slipped into a correction on Monday, following the Nasdaq Composite which traded deeper into its own. The Dow Jones Industrial Average, at one point, was off by over 1,000 points, before curbing some of those losses.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SP500 | S&P 500 | 5969.34 | +20.63 | +0.35% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19003.651134 | +31.23 | +0.16% |
| I:DJI | DOW JONES AVERAGES | 44296.51 | +426.16 | +0.97% |
Bitcoin remains on track for its worst weekly performance in eight months, Coindesk reported.
STATE NONPROFIT OFFERS TECH WORKERS THOUSANDS IN BITCOIN TO RELOCATE
Bitcoin prices were down early Monday morning. (istock)
In other related news, the White House is readying an executive order for release as early as next month that will outline a comprehensive government strategy on crypto currencies and ask federal agencies to determine their risks and opportunities, Bloomberg reported on Friday, citing unnamed sources.
Under the directive, the White House would undertake a central role overseeing efforts to set policies.
Elsewhere, a nonprofit organization in Arkansas is offering remote employees $10,000 in bitcoin to relocate to the state. Thousands have already applied.
The Northwest Arkansas Council is offering the money as part of the NWA Council's "Life Works Here" campaign, which is funded by the Walton Family Foundation.
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"We announced our Life Works Here incentive program in November 2020 that offers $10,000 and a bike to STEAM professionals interested in moving to Northwest Arkansas," council communications director Nate Green told FOX Business. "On Wednesday, we announced a new spin on the program. Participants can now choose to get the $10,000 in Bitcoin. This move was designed to attract more participants in blockchain technologies to help build up the region’s tech economy."