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Crypto World Crosses Fingers in Hopes Contagion Has Run Course

  • Majority of forced selling may be over, analyst Check says
  • Indications of ‘more conventional market,’ UBS strategist adds
Maps of worldwide crypto exchanges.

Maps of worldwide crypto exchanges.

Photographer: Luke MacGregor/Bloomberg
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The cryptocurrency market has been nothing short of a financial soap opera in 2022, and the drama continued this week when the lender Celsius Network filed for bankruptcy protection. Yet there is one important place where the drama has cooled off noticeably: the actual prices of the largest digital tokens themselves. 

Bitcoin climbed almost 8% in the final three days of the work week, while Ether surged 20%. Neither of the two dominant tokens has set a new low point in this bear market for almost a month. Bitcoin has been hugging the closely watched $20,000 round number, while Ether is hovering near $1,000.