Bitcoin held steady at its most recent $16,000 support for the 10th day in a row, even as the contagion spread from the collapse of FTX.
Bitcoin (BTC) was trading around $16,600 on Friday,
Which remained almost unchanged in the last 24 hours. Ether (ETH) was recently changing hands at around $1,200
And at the same time was flat from Thursday as well.
In the last seven days, BTC and ETH are down by 1.5% and ETH by 4.8% respectively.
CoinDesk Market Index (CDI), an index measuring the performance of cryptos,
Barely moved as investors took stock of crypto exchange giant FTX last Friday.
Filing for Chapter 11 bankruptcy protection and continuing to absorb recent events stemming from the latest revelations about its mismanagement.
A note on Friday by Coinbase Institutional highlighted the resilience of bitcoin and ether on FTX's balance sheet in recent days.
relatively limited" risk, which creates a buffer against potential large-scale liquidations.
Coinbase Head of Institutional Research David Duong and Research Analyst Brian Cubellis wrote in the note
The recent performance of these assets also reflects the implicit recognition that FTX events are credit-driven, not crypto-driven.