Bitcoin resilient as FTX contagion spreads further into crypto space – Cryptocurrency News



It has been another volatile week for crypto markets as the fallout from FTX’s collapse continues to rattle several crypto-related firms, increasing the broader uncertainty and undermining investor sentiment towards digital assets. Surprisingly, Bitcoin has been holding its ground and even realising some gains despite increasing systemic woes and deteriorating macro conditions.  Are cryptocurrencies slowly getting out of the woods?

Knock-on effects persist

FTX’s failure has sent shockwaves across the crypto universe, causing cascading blow-ups of several crypto-related companies. The latest victim of FTX’s fallout was BlockFi, which filed for bankruptcy on Tuesday, citing business failures stemming from the collapse of both FTX and Alameda Research. Even though BlockFi’s bankruptcy was partially anticipated considering its significant loan exposure to FTX, crypto traders appear convinced that contagion has spilled over to other smaller players in the industry.

In addition, bad news does not seem to be ending here as the crypto world has shifted its attention to the struggling crypto brokerage Genesis, which is thought to be on the verge of collapsing. To make matters worse, Bitfront, a US crypto exchange backed by Japanese social media firm Line Corp has suspended new registrations and credit card payments, suggesting that it could be the next piece in the ongoing bankruptcy domino within the crypto environment.

Cryptos fight back

Amid all this turbulence, Bitcoin managed to post a fresh two-week high slightly above the $17,000 mark, dragging most altcoins higher. Furthermore, on Tuesday, the Crypto Fear & Greed Index exited the ‘extreme fear’ zone for the first time in three weeks, endorsing a broader improvement in investor sentiment. Could we have a sustainable rebound before FTX’s fallout is fully contained?

Market participants seem hesitant to restate their trust in digital assets as long as there is no intervention by regulators to impose a strict framework that would protect them from frauds and hacks. Hence, the latest relief bounce is mainly attributed to dip-buying strategies and leverage shorts covering. A short covering is essentially when traders buy an asset that they have already shorted to cover their position, thus pushing the spot price higher.

Technical levels to watch

BTCUSD has bounced from its two-year low of 15,480 but risks remain tilted to the downside as the severity of FTX’s collapse and its accompanying impact on the broader crypto market is still uncertain. Nevertheless, some investors seem to be finding the current levels as a good opportunity for some dip buying.

Should the broader downfall continue, the price could descend to test the 2022 low of 15,480. Even lower, the August 2020 resistance of 12,490 could prove to be the next barrier for the price.

On the flipside, bullish actions may encounter initial resistance at 17,200 before the recent peak of 21,470 comes under examination.

免責聲明: XM Group提供線上交易平台的登入和執行服務,允許個人查看和/或使用網站所提供的內容,但不進行任何更改或擴展其服務和訪問權限,並受以下條款與條例約束:(i)條款與條例;(ii)風險提示;(iii)完全免責聲明。網站內部所提供的所有資訊,僅限於一般資訊用途。請注意,我們所有的線上交易平台內容並不構成,也不被視為進入金融市場交易的邀約或邀請 。金融市場交易會對您的投資帶來重大風險。

所有缐上交易平台所發佈的資料,僅適用於教育/資訊類用途,不包含也不應被視爲適用於金融、投資稅或交易相關諮詢和建議,或是交易價格紀錄,或是任何金融商品或非應邀途徑的金融相關優惠的交易邀約或邀請。

本網站的所有XM和第三方所提供的内容,包括意見、新聞、研究、分析、價格其他資訊和第三方網站鏈接,皆爲‘按原狀’,並作爲一般市場評論所提供,而非投資建議。請理解和接受,所有被歸類為投資研究範圍的相關内容,並非爲了促進投資研究獨立性,而根據法律要求所編寫,而是被視爲符合營銷傳播相關法律與法規所編寫的内容。請確保您已詳讀並完全理解我們的非獨立投資研究提示和風險提示資訊,相關詳情請點擊 這裡查看。

我們運用 cookies 提供您最佳之網頁使用經驗。更改您的cookie 設定跟詳情。

風險提示:您的資金存在風險。槓桿商品並不適合所有客戶。請詳細閱讀我們的風險聲明