Bitcoin Returns to Its Winning Ways
After dipping early Thursday, bitcoin surged back to its most recent foothold comfortably above $21,000.
The largest cryptocurrency by market capitalization was recently trading at about $21,190, up 1.6% over the past 24 hours, as investors shrugged off the latest fallout from disgraced crypto exchange FTX and conflicting economic data. BTC continued on the more upbeat path throughout 2023.
“Bitcoin is finding support ahead of the $20,000 level,” Edward Moya, senior market analyst for foreign exchange market maker Oanda, wrote in an email. “The crypto space is getting cleaned up and as long as we don’t see a major reputable exchange go under, traders may mostly shrug off news of the demise of smaller crypto companies.”
Ether followed a similar trajectory, falling early before landing in the green. The second largest crypto in market value was recently changing hands above $1,550, a 1.9% gain from Wednesday, same time. Other major cryptos also pointed largely upward with CRO, the token of exchange Crypto.com, jumping more than 4%, and ATOM, the native crypto of decentralized network Cosmos rising over 3%. The CoinDesk Market Index (CDI), an index measuring cryptos’ performance, recently increased by 2%.Cryptos veered from equity markets, which continued their losing streak this week, with the tech-heavy Nasdaq dropping 1% and the S&P 500 and Dow Jones Industrial Average (DJIA) each falling the better part of a percentage point. Investors tried to reconcile the release of jobs data indicating that the hot job market had not cooled — a 15,000 weekly decrease in Americans filing for unemployment — with declines in housing starts and building permits. The former suggested the economy is not cooling enough to satisfy central bankers and bodes poorly for crypto, while the latter indicated the reverse.
“Crypto markets still appear to be operating within a “good economic news equals bad news for asset prices” landscape,” CoinDesk analyst Glenn Williams wrote.
Meanwhile, the new head of FTX raised the previously unlikely prospect of FTX exchange reviving, according to an interview he gave to The Wall Street Journal, his first since taking over at FTX in November.
John J. Ray III said that despite the accusations of criminal misconduct against former CEO Sam Bankman-Fried and other executives, customers have lauded FTX’s technology and said it could be worth reviving the exchange. “Everything is on the table,” Ray told the Journal. “If there is a path forward on that, then we will not only explore that, we’ll do it.”
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