Bitcoin
and other cryptocurrencies were higher Wednesday, but the market fundamentals were little changed. Traders need to see a real bottom in cryptos to pile back in, but few are willing to call it as digital assets continue to face headwinds.
The price of Bitcoin has gained less than 1% over the past 24 hours to just shy of $16,850, with the largest crypto squarely in the trading range of $16,500 to $17,000 that has dominated for much of the past month. FTX’s shock bankruptcy late last year—which saw Bitcoin fall from above $20,000, a level it hasn’t come close to reclaiming since—continues to hang over the market amid fears that more businesses could fail.