What is happening to the price of Bitcoin?
BITCOIN
-0.56%
Base:23,085
opening:0
High:23,362
low:22,602
change:—
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? The popular cryptocurrency reached a level of $23,000 per coin in the last day. Since then it has dropped a bit (this morning traded for $22,870), but its recovery is intriguing in light of the crisis that has accompanied the crypto market in the past year. Has there been a turning point due to the collapse of FTX (and the victims, such as the Genesis company, who received another blow in the wing after losing hundreds of millions earlier) and the market is going up again?
One of the things that caused the market to rise in the last two weeks is the possibility that FTX will come back to life. It still hasn’t happened, and at the same time – an amount of half a billion dollars of shortists was written off as nothing. Meanwhile, it seems that the criminal acts of the company’s founder Sam Bankman Pride will bring about its collapse. Federal prosecutors seized about $700 million in cash and assets belonging to him.
Despite the uncertainty, investors still believe that Bitcoin is capable of continuing its recovery trend. Yesterday the currency rose by 10% in one day, which was a new record since last November.
True, the currency is still far from its peak – almost 69 thousand dollars per coin a little over two years ago, but with a trading turnover of 32.8 billion dollars per day and an increase of more than 10% in the last week, some investors, who experienced trauma in the last year, are becoming optimistic again.
So what makes Bitcoin so popular in recent days, against the background of the stock market data? There are several good reasons for this – mainly encouraging inflation data, the fact that a significant number of new buyers have joined the investment market and of course the employment data.
Bitcoin’s market capitalization currently stands at $440 billion – which is roughly, as of this morning, 42.3% of the entire crypto market. Just for comparison, Bitcoin’s market cap at its peak reached $1.275 billion – that is, more than the current market cap of all currencies.
At the same time, it is important to mention: most of the top economists in the world still see the crypto market as a danger and are not in a hurry to recommend an investment. Everyone agrees on one thing: this will be a turning point year, perhaps one of the most important years in the life of the crypto market. An upward trend – and it will be possible to declare a recovery. Stepping in place may mark the beginning of the end. Even the European Central Bank came out last month against investing in the currency. In the review he published he wrote that he is on the way to irrelevance in the market. The coming months will testify that the currency is on the way to a real recovery – or that it was a temporary increase due, among other things, to the macro data.
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