Bitcoin began the week hurtling toward low $15K levels as FTX-related contagion fears widened, but on the eve of Thanksgiving there are holders counting blessings thanks to a slight relief rally alongside a jump in U.S. stocks.
As of Wednesday at 8:20 a.m. (EST), the largest crypto was trading at about $16,400 on a 24-hour rise of 1.6%.
With $16K resistance in the rear-view mirror, it is not inconceivable, NewsBTC said, that "a quick candle towards $17,500 to $18,000 could be on the table."
On Monday, the crypto sector was struggling to get its head around the supposed struggles of another major player, Genesis, part of Digital Currency Group (DCG), which also owns Grayscale, manager of a fund containing 635,000 BTC.
A jittery market seems to have been calmed. Partly this was because yesterday DCG CEO Barry Silbert sent investors a letter explaining the situation was, essentially, all good, that is, yes, DCG owes $575 million to its trading arm, Genesis, but the tab’s not due for another six months.
Crypto-Twitter is awash in theories and speculation over possible scenarios, some of them skeptical in terms of DCG's ability to navigate its precarious financial situation.
Meanwhile, Litecoin's pre-halving heroics continue with a +34% gain in the past week.