Market Wrap: Bitcoin Holds Steady Through FTX Gloom
$Bitcoin (BTC.CC)$ , ether and most other major cryptos were holding steady, even as investors wrestled with the widening gloom from exchange giant FTX’s implosion.
The largest cryptocurrency by market capitalization was recently holding steady above its most recent $16,000 support, up a fraction of a percentage point over the past 24 hours, although some crypto market observers believe that it could dip to lower levels.
We have seen broader market instability despite some positive macro developments for risk assets as a whole. It’s still emerging which counterparties may have lent or interacted with either FTX or Alameda (FTX’s sibling company) and what those exact liabilities are. BTC could not only retest 2022 lows but touch the $13K level. We think there is support at $13.5K.
$FarmaTrust (FTT.CC)$ $Robinhood (HOOD.US)$ $Ethereum (ETH.CC)$ $Coinbase (COIN.US)$
The largest cryptocurrency by market capitalization was recently holding steady above its most recent $16,000 support, up a fraction of a percentage point over the past 24 hours, although some crypto market observers believe that it could dip to lower levels.
We have seen broader market instability despite some positive macro developments for risk assets as a whole. It’s still emerging which counterparties may have lent or interacted with either FTX or Alameda (FTX’s sibling company) and what those exact liabilities are. BTC could not only retest 2022 lows but touch the $13K level. We think there is support at $13.5K.
$FarmaTrust (FTT.CC)$ $Robinhood (HOOD.US)$ $Ethereum (ETH.CC)$ $Coinbase (COIN.US)$
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