Bitcoin’s Slide Pauses in Wait for Next Domino to Fall After FTX | Tech News

Bitcoin’s Slide Pauses in Wait for Next Domino to Fall After FTX

Cryptocurrency prices steadied in a lull from the selloff sparked by the demise of Sam Bankman-Fried’s FTX empire.

By:BLOOMBERG
| Updated on: Nov 22 2022, 23:04 IST
Bitcoin
Bitcoin, the world's largest cryptocurrency added about 1.5% value on Tuesday while remaining below $16,000 and in sight of the weakest levels since November 2020. (Bloomberg)

Cryptocurrency prices steadied in a lull from the selloff sparked by the demise of Sam Bankman-Fried's FTX empire, but investors are braced for more ructions as further digital-asset sector bankruptcies loom.

The largest token Bitcoin added about 1.5% on Tuesday while remaining below $16,000 and in sight of the weakest levels since November 2020. Coins such as Ether, Solana and meme token Dogecoin also posted modest gains.

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The latest sign of contagion from the fall of the FTX exchange came from Genesis, a digital-asset brokerage that warned of possible bankruptcy unless it can raise cash. Crypto lender BlockFi Inc. is also struggling to stay afloat.

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FTX's unraveling “resembles Enron's collapse much more than Lehman's,” Peter Berezin, chief global strategist at BCA Research Inc., wrote in a note. He added that much of the crypto sector “is built on a rickety foundation of fraud and greed, which no amount of technobabble can disguise.”

Berezin reiterated a long-term target of $5,000 for Bitcoin, which was trading at about $15,860 as of 9 a.m. in Singapore.

Administrators picking over the wreckage of FTX's bankruptcy have discovered that $3.1 billion is owed to top creditors. The scope of the money outstanding is stoking worries that more digital-asset outfits will topple. 

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First Published Date: 22 Nov, 23:04 IST
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