25.2 C
Lagos
Monday, January 30, 2023

Bitcoin Recovers all its Losses Since FTX Collapse

Must read

Listen now
- Advertisement -
- Advertisement -

Bitcoin has held steady above $21,000 for the last two days, bringing it back above the price it was when Sam Bankman-Fried’s crypto exchange, FTX began its slide toward bankruptcy.

Since Monday, bitcoin has largely held steady above $21,000, well above its Nov. 2 price of $20,283.

The price of bitcoin has jumped more than 22% in the last seven days, according to data from CoinMarketCap.

Bitcoin fell by that same amount in less than a day, between Nov. 7 and Nov. 8, as investors struggled to assess the impact of a potential FTX collapse and the likelihood of a Binance-backed FTX bailout.

It dipped below $16,000 several times in the following weeks.

CoinDesk first reported on irregularities at FTX’s sister hedge fund, Alameda Research, on Nov. 2. Billions of dollars worth of cryptocurrencies began to flow out of FTX in a matter of days.

A potential rescue deal with ChangPeng Zhao’s Binance fell apart Nov. 8, and FTX and Alameda both declared bankruptcy Nov. 11.

Over that period, bitcoin, long the most prominent and well-capitalized cryptocurrency, became a vessel for investor concern.

- Advertisement -
- Advertisement -

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisement -

Latest article