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Bitcoin Responds to FTX Contagion by Heading for a Weekly Gain

  • Largest token ekes out a climb even as crypto outfits teeter
  • JPMorgan says shrinking stablecoin market flags ongoing risks
Bloomberg business news
New FTX CEO Calls Management 'Complete Failure'

There can be little doubt that crypto investors expect more firms to blow up in the treacherous wreckage of the wipeout at FTX. Their confounding response has been to drive up Bitcoin this week.

The token is up some 3% over the period, topping global stocks, while a gauge of the leading 100 virtual coins has added about 1%. That compares with Bitcoin’s 23% slide last week as Sam Bankman-Fried’s FTX empire collapsed.