It’s often been said that “markets bottom on bad news,” and even a Hollywood scriptwriter couldn’t have written a harsher chapter of news for the crypto market than what we saw in November – the month when FTX went bankrupt and the savings and lending programs at Gemini and Genesis froze up.
So it’s tempting to think that this old trader cliche is at work when it comes to the almost 50% rebound in Bitcoin since its two-year low in late November. And who knows, maybe that’s the right take – after all, even “Sam coins,” or tokens linked to FTX’s former CEO Sam Bankman-Fried, have surged following brutal losses in 2022.