Large swings continue to hit Bitcoin as the cryptocurrency struggles to hold above the key $20,000 level. The popular token plunged 15% to $17,787 on Saturday, before rebounding above $20,000 with a surge of similar magnitude on Sunday. Bitcoin is still off about 70% from the all-time high of $67,802 seen in November 2021, which preceded the Fed’s aggressive rate hike cycle.
Crypto wallets technically don’t “store” crypto – holdings exist on the blockchain, but can be accessed using a private key. Or to put it more simply, a wallet holds both public and private information needed to carry out various transactions. And different wallets are used for different cryptocurrencies.