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Bitcoin on track for 1% weekly loss amid broader caution as FTX contagion continues


Abstract Bitcoin Cryptocurrency concept

Olemedia/iStock via Getty Images

Bitcoin (BTC-USD) is on track to end the week ~1% lower, with investors remaining wary as the contagion from the implosion of troubled cryptocurrency exchange FTX continues.

The top crypto fell to an over two-year low of $15.6K earlier this week and could potentially slide further.

“There’s likely more to come from the FTX collapse and contagion effects, not to mention other scandals that could be uncovered. This may continue to make crypto traders very nervous and leave the foundations supporting price extremely shaky,” said OANDA analyst Craig Erlam.

Recent on-chain data from IntoTheBlock showed that 24.6M BTC addresses (~51%) were in negative territory, the largest share of “out-of-the-money” addresses since the start of the pandemic downturn.

The global cryptocurrency market cap stands at $831.94B, down 0.26% over Thursday, according to CoinMarketCap.

FTX fallout continues

Sam Bankman-Fried, ex-CEO of FTX, ran the platform as his “personal fiefdom”, FTX counsel James Bromley reportedly said in the firm’s first bankruptcy hearing. He added that a big portion of FTX’s assets may have been stolen or has gone missing.

It was also disclosed that FTX and affiliates held $1.24B cash – more than debtors disclosed. The company owed ~$3.1B to its 50 largest creditors.

Turkey is the next country to step up scrutiny on FTX, with authorities seeking to seize the assets of Fried. Meanwhile, a Texas regulator launched a probe into whether celebrity endorsements of FTX violated securities laws.

Venture capitalist Bradley Tusk told CNBC that venture capitalists will step up their due diligence in the future following the FTX meltdown.

Genesis Global Capital, the crypto lending unit of brokerage Genesis, reportedly hired investment bank Moelis to explore how it can shore up its liquidity. Given its exposure to FTX, Genesis has been scrambling to raise cash and may need to file for bankruptcy protection.

Regulatory news

Amid growing calls for increased scrutiny of the crypto space, certain U.S. lawmakers reiterated that Fidelity Investments should reconsider letting retail clients put a portion of their savings into bitcoin (BTC-USD).

A group of legislators also urged financial regulators to review SoFi’s (SOFI) crypto trading activities, to which the firm responded by saying it is “fully compliant” with laws. Morgan Stanley believes the development raises the odds of SoFi (SOFI) exiting crypto entirely.

New York Governor Kathy Hochul signed a two-year moratorium on Proof-of-Work mining, making it the first state to partially ban PoW mining.

Bitcoin price

Bitcoin (BTC-USD) dipped 0.32% to $16.53K at 2.40 pm ET, while ether (ETH-USD) fell 0.53% to $1.20K.

Bitcoin (BTC-USD) appears to be forming a support level at ~$15.6K, but OANDA’s Erlam said it is likely that the $10K level could be tested again in the days ahead.

SA contributor Pinxter Analytics in a bearish analysis said there may not be a bottom to bitcoin (BTC-USD) prices as the crypto isn’t backed by anything tangible. Conversely, The Digital Trend is bullish, but warned that it is a speculative investment.

Cathie Wood, a long-time crypto bull, reiterated her forecast that bitcoin (BTC-USD) price will reach $1M by 2030.

Billionaire investor Bill Ackman has taken a U-turn on his views on cryptos, saying they are “here to stay”.

Crypto-related stocks that ended in the red on Friday include: Marathon Digital (MARA) -4.6%, Riot Blockchain (RIOT) -3.7%, Coinbase (COIN) -2.8%, Bitfarms (BITF) -1.1%, BitNile (NILE) -1%.



Read More: Bitcoin on track for 1% weekly loss amid broader caution as FTX contagion continues

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