Bitcoin (BTC-USD) is more than resilient. After multiple bankruptcies in mid-2022, FTX’s collapse in November failed to hurt BTC for longer than a month.
Although Bitcoin is at a fraction of its peak of $68,000, the downside is minimal from here. Bitcoin fought off selling pressure at around the $15,500 level. On the weekend, the price of $16,900 set BTC-USD for a run into the $17,500.
In the summer, bears tried to take BTC to $17,700. However, the price did not stay at that level for more than a few hours. The strong rebound back then suggests that cryptocurrency investors will pile onto it.
Exchanges and lenders who hold other cryptocurrencies may consolidate their holdings. This will put downward pressure on Dogecoin. Conversely, Ethereum (ETH) is still a popular crypto.
Tether is the third biggest crypto by market capitalization at around $65 billion. Binance (BNB) is the next biggest one after that. Both could hold their recent trading range as markets move quickly past the FTX bankruptcy.
Crypto investors are unwilling to abandon exchanges. The market continues to need an alternative to fiat currency. As crypto exchanges shake down weak lenders and speculators, the above-mentioned cryptos will grow stronger.
