Cryptocurrency prices today: Bitcoin gives up gains!

Cryptocurrency- Bitcoin climbed back above $40,000 amid a broad rally in financial markets, while day-trading favorite Shiba Inu surged more than 20%. Bitcoin, the world’s largest and most popular cryptocurrency, however, was last down 2.1% at $40,048.

Shiba Inu and three other tokens — Solana’s SOL, Polygon’s Matic and Compound’s COMP — were all listed for the first time on Robinhood Markets Inc.’s platform. Shiba, which trades at a fraction of one US cent, was the biggest gainer of the four, which all climbed in price.

Bitcoin had dropped Monday to below $40,000 for the first time in more than three weeks. Ether was also down marginally, and was last trading just above $3,000. Some smaller coins gave up their larger gains, with Avalanche down 0.4% and Cardano advancing 0.8%.

Bitcoin and the broader crypto market have struggled in recent weeks as the Federal Reserve began hiking rates to combat stubbornly high inflation and geopolitical turmoil hurt risk appetite. A report Tuesday showed core inflation increased less than forecast in March.

Bitcoin “is still consolidating in a triangle pattern stretching back to mid-January,” said Jeffrey Halley, senior market analyst at Oanda. “The lower and upper boundaries today are $36,500 and $47,500,” he said, implying that Bitcoin was well within its range.

Crypto’s correlation with US tech stocks has risen sharply in the past few weeks, suggesting investors increasingly view digital assets as vulnerable to tightening monetary conditions. But contrast, the massive stimulus the Fed flooded markets with during the Covid outbreak drove Bitcoin to a record of almost $69,000 in November.

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