Major coins traded in the green on Thursday night after news broke that FTX is exploring the possibility of restarting the bankrupt crypto exchange.
What happened: Bitcoin BTC/USD regained the $21,000 level lost the day before and rose 1.5% in the past 24 hours. Ethereum ETH/USD rose 1.83% to $1,550 and Dogecoin DOGE/USD rose 0.85% to $0.081.
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U.S. stocks closed lower on Thursday as investors grappled with renewed fears of a possible recession. The Nasdaq Composite fell 0.9%, the S&P 500 slipped 0.7% and the Dow Jones Industrial Average (DJIA) fell 0.7% as investors held back on buying on fears that a possible recession is imminent.
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“Bitcoin is higher today, mostly finding support ahead of the $20,000 level. The crypto space is being cleared and until we see a major reputable exchange disappear, traders can mostly ignore the news of the demise of smaller crypto companies,” said Ed Moya, a senior market analyst at OANDA, in a note seen by Benzinga.
Crypto analyst Michael van de Poppe warned investors not to get too excited about the upcoming Genesis case, but indicated that there is still some momentum in the market. He pointed out that the crucial area to watch right now is between $21,100 and $21,300 for BTC.
uppercase recta pseudonymous analyst, believes that if Bitcoin’s ongoing uptrend follows that of 2019, its price could easily hit $32,000 in the coming months.
Read more : FTX’s New CEO Aims to Revive the Old Cryptocurrency Exchange: What You Need to Know