Bitcoin stumbles to the lows of US trading. Waiting for the next shoe to drop.

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Bitcoin has been under some fresh pressure in the last hour and is trading at the US lows, down $540 to $16,219.

There is an epic battle going on between those who expect more bad news and liquidations, and those who think the market has seen the worst. For bitcoin, there are also some flows into the relative safety of BTC from altcoins.

Earlier today there was something of a rally in crypto after Binance CEO Changpeng Zhao wrote:

To reduce further cascading negative effects of FTX, Binance is forming an industry recovery fund, to help projects that are otherwise strong, but in a liquidity crisis.

For some this is a sign of a strong hand, for others it reminds of the FTX bailouts after the previous crypto crisis. Chanpeng also said that Binance redemptions only increased slightly, which is hard to believe.

Most eyes are on crypto.com at the moment after botched ETH transfer. That doesn’t exactly inspire confidence.



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