Like major cryptocurrencies, bitcoin was not spared by FTX’s collapse. For about three weeks, the queen of cryptocurrencies had been unable to cross the $20,000 mark. Experts believe that the fear of the spillover effect of the bankruptcy of FTX has something to do with it. Now that the doubts are allayed, bitcoin is climbing back to trade at $16,500.
Thanksgiving celebrated by bitcoin as it should be
Americans are accustomed to commemorating “Thanksgiving” or Thanksgiving Day on the last Thursday in November. As a reminder, “Thanksgiving” translates to “thank you for the donations.” Bitcoin traders have also reportedly indulged in the festivities on occasion, as the flagship cryptocurrency shed last Tuesday’s $15,695 support.
The specialized media Coindesk leaned into this post-storm calm FTX by proclaiming that bitcoin is now trading at $16,500. On CoinGeckoat the time of writing, we took that 1 BTC was bought at a price of $16,465.69.
CNBC, who studied the price of bitcoin last Tuesday, believes that the possible acquisition of FTX assets has something to do with it. Moreover, it would seem that the FED will revise its interest rates, currently by 75 basis points. The publication of the minutes of the meeting of the barons of the American Federal Reserve last Wednesday is expected.
A series of “withdrawal halts” at the origin of a collective psychosis
Usually, the downfall of a crypto project heralds the advent of other crises. When the TerraUSD stablecoin lost its peg to the dollar in May, several entities such as Three Arrows Capital, Celsius, Voyager Digital, Vauld and Zipmex declared bankruptcy.
After the falls of FTX and Terra, the “withdrawal halt” was on the rise. BlockFi, Genesis and Gemini, which recently made similar announcements, have caused discord among investors. This year alone, Coindesk has recorded 16 withdrawal halts.
But would this story of panic linked to a possible contagion of the bankruptcy of FTX drag on? Because at FTX, things seem to be experiencing new twists. Bitcoin loves it, other altcoins too. Ether was up 1.16% yesterday. In addition, Quant, Litecoin, Dogecoin and others have also been doing well since Wednesday.
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