Bitcoin was trading at $16,555, where it has been in the past few days. This price is about 23% below the highest level this month.Bitcoin and other cryptocurrencies have been in a tight range in the past few days. This consolidation is happening as the market assesses the breadth and depth of the FTX crash.
Most analysts expect that the fallout of FTX’s crash will spread to other companies and cryptocurrencies as well. Another concern is on the existing cryptocurrencies exchanges and whether they have similar accounting issues like FTX. Such measures could become positive for the cryptocurrency industry since they will prevent more companies from collapsing.
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