Bitcoin Rises. But a Crypto Liquidity Crisis Means the Wild Ride Isn’t Over.



Bitcoin


and other cryptocurrencies continued their slow and steady march higher Wednesday. But a liquidity crisis—exacerbated by FTX’s collapse last year—means that a return to the wild volatility characteristic of crypto isn’t out of the question.

The price of Bitcoin has risen rose more than 1% over the past 24 hours to $17,450. The largest digital asset has been marching steadily higher since the start of 2023, recently breaking out beyond the $16,500 to $17,000 trading range that has dominated for more than a month now. Cryptos have headed higher along with stocks—the two assets have become correlated amid a macro backdrop tough on risk-sensitive assets—with the


Dow Jones Industrial Average


and


S&P 500


also up since the start of the year.

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