Welcome to Bloomberg Crypto, our twice-weekly look at bitcoin, blockchain and more. In today’s post, Michael P. Regan takes the temperature of Krypto’s January hot spell:
It has often been said that “markets bottom on bad news” and even a Hollywood screenwriter could not have written a tougher news chapter for the crypto market than what we saw in November – the month that FTX went bankrupt and frozen the savings and lending programs at Gemini and Genesis.
So it’s tempting to think this old trader stereotype is at work when it comes to Bitcoin’s nearly 50 percent recovery since its two-year low in late November. And who knows, maybe that’s the right attitude – after all, even “Sam Coins” or tokens associated with Sam Bankman-Fried, the former CEO of FTX, have surged after brutal losses in 2022.
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