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Bitcoin lingers near $17 000; Coinbase, miners lead declines

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Bitcoin is finishing the week mired in the narrow range that has existed since the collapse of the FTX exchange, while Coinbase Global and miners continued their declines toward record lows as the crypto winer grows colder.

The largest cryptocurrency by market value was little changed at about $17 113 as of 5 p.m. in New York, just off the two-year low reached on November 21. FTX sought bankruptcy protection on November 11. Bitcoin is down more than 60% this year. The Bloomberg Galaxy Crypto Index dropped less than 2% this week, and is down 67% in 2022.

Coinbase chief executive officer Brian Armstrong said earlier this week that the cryptocurrency exchange’s revenue is set to be cut by half or more this year as declining prices and the collapse of rival FTX rattle investors’ confidence.

Marathon Digital Holdings’s shares tumbled 28%, the biggest weekly decline since August. Riot Blockchain fell 16%.

© 2022 Bloomberg L.P.

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