Frustrating for bitcoin holders, the benchmark crypto asset hasn’t been spurred into a sharp correction by the surge in US equities, instead opting to remain discounted due to bruising headwinds following FTX’s shocking collapse.
Currently, changing hands at US$16,800, Bitcoin faces a resistance level at US$16,900, which looks like it will be harder to breach than expected. However, at least one big-name investor is buying the dip opportunity - Cathie Wood’s Ark Investment Management snapped up US$2.8mln in the Grayscale Bitcoin Trust, though with the trust at a 42% discount to bitcoin’s underlying value, it’s not hard to see her reasoning.
Ethereum remains significantly below its 20-day moving average at US$1,240, with US$1,300 market at the point of resistance.