For his part, Ethereum follows the same trend and falls 1% to $1,192. In the opposite direction, Dogecoin shoots up to 9.4%. They are followed in the rises by Ripple with 2.9% and BNB with 0.4%.
After the collapse triggered by the FTX crash, analysts are not taking the bounces that cryptos showed this week as a sign of recovery.
“Confidence in the markets has been shattered and it may take time to rebuild. There remains great uncertainty and as long as it remains so, the rallies we see in cryptocurrencies may simply turn into dead cat bounces, instead of bottoming out in the market. The last one occurred around $15,500, from where it rebounded a couple of weeks ago, and a break of this level could trigger another sharp drop”, he explained a few days ago. Craig Erlamsenior market analyst at Oanda, to Bolsamania.
After a couple of days of moderate gains, driven, among other things, by the Fed’s minutes, the fear of how deep the domino effect caused by the FTX bankruptcy could be has once again prevailed in the market. The latest affected is the Digital Currency Group, especially Genesis and Grayscale, which are facing a dangerous liquidity crisis. “It is impossible to know who will be the next to fall,” they say from Julius Baer.
What will happen to the price of Bitcoin?
Analyst Titan marked several areas of high liquidity on the change order books. The largest of these, according to comments, is at $13,500. “Although there is liquidity to get around $18,500, $17,200 and $15,500, the largest is lower at $13,500”they stated.
Meanwhile, analytical resource materials indicators calculated the total liquidity of the offering between the spot price and $13,000 as $195 million on the Binance order book.
Source: Ambito
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