Crypto traders are watching Thursday's CPI print, with hopes that any cooling down on the inflation front could help restore a desire for riskier assets. In fact, Bitcoin ( BTC-USD ) was bid up overnight to its highest level in nearly a month, climbing over 4% to regain the $18,000 level. Some other notable developments are also hitting the sector following a court hearing on Wednesday for the collapsed crypto exchange FTX. The latest: Bankruptcy attorneys sifting through the rubble left behind by founder Sam Bankman-Fried apparently have found more than $5B in liquid assets, like cash and tradeable crypto, that may be sold to help repay creditors. It's not yet clear where the money came from, and the figure doesn't include another $425M in crypto held by the Securities Commission of the Bahamas. New FTX CEO, John Ray, has previously said that at least $8B of customer assets were unaccounted for in the worst case of corporate failure he had ever seen. While FTX has already put some units up for sale since entering Chapter 11, such as LedgerX, Embed Financial Technologies, and FTX Europe and Japan, the selling of the newly discovered stash of crypto could dent prices. "If you try to sell $1B worth of crypto all at once, it's going to depress the market," noted Eric Snyder, partner and bankruptcy attorney at Wilk Auslander. The other side: "We've had many negative events transpire over the past year, and if one looks at the price reaction to those events, in general it's been declining less and less," said Vijay Ayyar of crypto exchange Luno. It's an "indication that the market is accepting the news quite well, sell pressure is being absorbed, and hence we’re moving to an accumulation stage. This could also mean that the market thinks the worst is over for crypto and that most negative news in now priced in."
