Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.
in a long-running case that weighed on the token's price. Investors were upbeat that a U.S. court ordered Ripple to pay a $125 million fine for violating securities laws, a much smaller fine than the $2 billion the Securities and Exchange Commission requested.on Thursday that FTX and its sister trading firm Alameda Research will pay out $12.7 billion to creditors. Many hope that part of the funds will flow back to crypto markets as former users reinvest the proceedings in digital assets.
With today's gain, bitcoin has now completely reversed its weekly candle that wicked to as low as $49,000 early Monday to positive. While there's plenty of time until Sunday's weekly close, if BTC finishes the week around the current prices, it would form a hammer candlestick. That's a bullish chart pattern in technical analysis that often appears at the bottom of downtrends, hinting at a trend reversal."I'm hopeful that we can break above this level, but I'm not ignorant to the fact that it can just as easily act as resistance," he said."Bullish if we break and close above it.
Cryptocurrencies rarely rebound in a straight line after capitulation events such as Monday's crash, K33 Research analyst David Zimmerman pointed out. "V-shaped recoveries are not the norm, there is no need to rush into new positions," said Zimmerman."The prices within these wicks are usually revisited, and looking to get positioned into coins showing relative strength during this time is the focus."in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.
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