Cryptocurrency investors are getting no rest on Saturday, as digital assets resumed their decline after a midweek respite.
dropped 5.9% in the 24 hours through noon Eastern time on Saturday, to $28,782, in trading on the exchange operated by
(COIN). For the week, the cryptocurrency is down 20%—and the token has lost 58% since its November 2021 peak near $69,000.
The story isn’t much happier for holders of
: The crypto has lost 8.7% in the last 24 hours of trading on Coinbase, sliding to $1,966. Since November, Ethereum has lost 59%.
The digital declines have weighed heavily on the stocks of crypto-dependent businesses like Coinbase. While the company’s stock bounced 16% Friday to close at $67.87, its shares are down 72% so far this year—and 81% down from the crypto cosmos’s November heights.
Write to Bill Alpert at [email protected]