Bitcoin Upbeat as another Crypto Firm Goes Under


BTC/USD Analysis

Crypto lender BlockFi filed for bankruptcy in the United States [1], as the fallout from the FTX collapse spreads, becoming the latest in a series of crypto-firm bankruptcies. Over the summer, Voyager [2] and Celsius Network [3] had also filed for Chapter 11 of the U.S. Bankruptcy Code.

This latest route that emanated from the high-profile collapse of FTX at the start of November, has led to a slide in digital coins, with BTC/USD hitting two-year low last week (15,455). However, USDOLLAR weakness due the potential for a slower pace of rate hikes by the US Fed, has helped it stabilize over the past few weeks, after the initial shock.

The current week started with risk aversion due to the Covid-19 situation in China and hawkish Fed commentary, with Mr Bullard noting that markets "are underpricing a little bit" the risks of more aggressive stance.[4]

Bitcoin however, shows resilience and moves to profitable territory today, amidst hopes that China will ease its strict zero-Covid strategy, following protests. Furthermore, new infections in the country dropped on Monday, for the first time in several days. [5]

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BTC/USD has the opportunity to push for the 17,000 handle, but does not inspire much confidence for further advance that would challenge the key 17,693-18,000 region.

Despite today's upbeat mood, BTC/USD is in a precarious position and recent recovery efforts have been short-lived. It heads towards a losing month and is in risk of fresh two-year lows towards 15,000, but a larger slump to 13,207 would need strong catalyst.

Markets now turn to a heavy economic calendar form the US ahead, which includes the PCE inflation update and a speech by Fed-Cahir Powell, among other key releases.

Nikos Tzabouras

Senior Financial Editorial Writer

Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. He has a long time presence at FXCM, as he joined the company in 2011. He has served from multiple positions, but specializes in financial market analysis and commentary.

With his educational background in international relations, he emphasizes not only on Technical Analysis but also in Fundamental Analysis and Geopolitics – which have been having increasing impact on financial markets. He has longtime experience in market analysis and as a host of educational trading courses via online and in-person sessions and conferences.



Retrieved 29 Nov 2022


Retrieved 29 Nov 2022


Retrieved 29 Nov 2022


Retrieved 29 Nov 2022


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