Cryptocurrencies
Crypto Markets Take a Breather as FTX Heist Unfurls
- Tokens backed by Bankman-Fried sag as others stabilize
- Bitcoin’s next support at $12,500, Morgan Stanley says
A cryptocurrency exchange in Barcelona, Spain.
Photographer: Angel Garcia/BloombergThis article is for subscribers only.
Prices across cryptoassets were broadly flat on Saturday, as traders weighed their next move following a market selloff in the wake of failed crypto exchange FTX.com’s plunge into bankruptcy.
The two largest tokens by value, Bitcoin and Ether, were largely unchanged at 5 p.m. New York time at around $16,800 and $1,260, respectively, after steep declines during the week. One standout on the upside was Dogecoin, which jumped more than 10% after Tesla boss Elon Musk touted the coin on a Twitter Spaces conversation.