Despite weathering the cascade of misadventures linked to the collapse of FTX last week, Bitcoin plunged over the weekend by over 4% to tap $15,890. This weakness was reflected in Ethereum dropping roughly 6% to $1,113, with other major cryptos diving deeply into the red.
BTCUSD Chart by TradingView
Bitcoin, the world’s largest cryptocurrency by market capitalization, has fallen 76.43% from last November’s all-time high, igniting debates as to whether the bottom is in. Whereas it is hard to pinpoint bottoms, experts have noted that Bitcoin’s bottom can be inferred when all of the hidden leverage and circulating credit in the broader crypto space is wiped out, and the net leverage present in the system is skewed to the short side.
(by Newton Gitonga)