Bitcoin, Ethereum, Dogecoin Spike On FTX Revival Hopes

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Major coins traded in the green on Thursday night after news broke that FTX is exploring the possibility of restarting the bankrupt crypto exchange.

Cryptocurrency price Gains Bitcoin +1.57% $21,075 Ethereum +1.83% $1550 Dogecoin +0.82% $0.08147

What happened: Bitcoin BTC/USD recovered to the $21,000 level it lost the previous day and rose 1.5% in the last 24 hours. Ethereum ETH/USD rose 1.83% to $1,550 and Dogecoin DOGE/USD rose 0.85% to $0.081.

Top Intraday Gainers

Cryptocurrency gains price Frax Share +19.06% $10.23 Enij Coin +15.46% $0.41 Nexo +12.85% $0.80

U.S. stocks closed lower on Thursday as investors grappled with renewed fears of a possible recession. The Nasdaq Composite fell 0.9%, the S&P 500 slipped 0.7% and the Dow Jones Industrial Average (DJIA) fell 0.7% as investors held back on buying on fears that a possible recession is imminent.

See more: Best Crypto Day Trading Strategies

Bitcoin is higher today, mostly finding support ahead of the $20,000 level. The crypto space is being cleaned up and until we see a major reputable exchange disappear, traders can mostly ignore news of smaller crypto companies disappearing, says analyst Ed Moya. market principal at OANDA, in a note seen by Benzinga.

Crypto analyst Michal van de Poppe warned investors not to get too excited about the upcoming Genesis case, but indicated there was still some momentum in the market. He pointed out that the crucial area to watch right now is between $21,100 and $21,300 for BTC.

Rekt Capital, a pseudonymous analyst, believes that if Bitcoin’s ongoing uptrend follows that of 2019, its price could easily hit $32,000 in the coming months.

Read next: FTX’s new CEO aims to revive the old cryptocurrency exchange: What you need to know

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