Bitcoin snapped a four-day losing streak, appearing to stabilize around $34,000. After the recent market correction, prices for the cryptocurrency are still up 18% year-to-date, versus a 1.2% gain for the Standard & Poor’s 500 Index of large U.S. stocks.
“Now is probably not the time to panic,” Matt Blom, head of sales and trading at the cryptocurrency exchange firm Diginex, wrote in a daily newsletter.
In traditional markets, European shares fluctuated and U.S. stock futures were little changed as the U.S. House of Representatives on Wednesday prepared to vote on a second impeachment of President Donald Trump. Gold strengthened 0.1% to $1,855 an ounce.
As bitcoin and ether retreat from recent highs, the strong performance of other cryptocurrencies shows that traders and investors may now be turning to alternative tokens, often referred to as “altcoins,” for returns.
Bitcoin prices as of Jan. 11 stood