Bitcoin Regains $21K, Ethereum, Dogecoin Spike On FTX Revival Hopes: Analyst Says Crypto Space 'Getting Cleaned Up'

Major coins traded in the green Thursday evening following news that FTX is exploring the possibility of restarting the bankrupt crypto exchange.

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

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U.S. equities closed lower on Thursday as investors grappled with renewed fears of a possible recession. The Nasdaq Composite dropped 0.9%, the S&P 500 retreated 0.7% and the Dow Jones Industrial Average (DJIA) slipped 0.7%, with investors holding back from buying on worries that a possible recession could be just around the corner.

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“Bitcoin is higher today, mostly finding support ahead of the $20,000 level. The crypto space is getting cleaned up and as long as we don’t see a major reputable exchange go under, traders may mostly shrug off news of the demise of smaller crypto companies” said Ed Moya, a senior market analyst with OANDA, in a note seen by Benzinga.

Crypto analyst Michaël van de Poppe warned investors not to get overly excited with the upcoming Genesis case but indicated there is still some momentum in the market. He emphasized that the crucial area to watch right now is between $21,100 to $21,300 for BTC.

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

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