Bitcoin continued to consolidate Tuesday following a chaotic month characterized by a widespread liquidity crunch fuelled by the collapse of FTX.
As of writing, the largest cryptocurrency by market capitalization was trading at $16,467, up a mere 1.57% over the past 24 hours. For the past three weeks, Bitcoin has been holding steadily above the $16,000 psychological level despite plunging briefly below $15,500 last week.
Over the past week, crypto markets have calmed with Monday’s report about lending giant Blockfi’s fallout barely nudging crypto prices. This steadiness comes even as several crypto observers speculate that the recent fallouts may help strengthen the crypto industry by forcing regulators to ratchet up their efforts.
(by Newton Gitonga)
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