hit tracker
Wednesday, May 31, 2023
HomeLatest NewsBitcoin is close to 21,000 dollars after a rebound of more than...

Bitcoin is close to 21,000 dollars after a rebound of more than 26% from lows

Date: May 31, 2023 Time: 10:47:26

Bitcoin seeks to rise from its ashes. The most important cryptocurrency in the market is heading towards The digital currency of reference accumulates a rise of more than 26% since the start of the year, which leads it to register its best level since last November.

The revaluation has been especially significant in the early hours of this Monday, when it has come to overcome the barrier of 21,330 dollars, although the rise has moderated as the day progresses and around 12:00 p.m. Spanish is listed on the French of the $20,800. The ‘rally’ pushed the total capitalization of the ‘crypto’ market to caress the trillion dollar barrier that it lost days before the bankruptcy of FTX.

The market has started 2023 with optimism. The brake on inflation both in the United States and in the eurozone encourage a brake on the increase in interest rates, encouraging equities. This has also been reflected in digital currencies, which also benefits from the desire of the financial markets to come back.

Ethereum, the second ‘crypto’ of reference, has also benefited from this rise, which is revalued by 55% from the lows of last June and around 38% in the last three months. These upturns represent a dose of optimism for investors, whose confidence has been touched in 2022 reaching new lows, according to ‘Bloomberg’.

The ripple effect of the FTX crash

The bankruptcy of the aforementioned platform, which has already managed to rescue more than 5,000 million dollars in liquid assets, has increased the uncertainty about the digital currency market. Awaiting the fraud trial of Sam Bankman-Fried, the ‘crypto industry’ is still suffering the consequences of its fall.

The Genesis loan platform accumulates debt for more than 3,000 million dollars, according to the ‘Financial Times’, before which it is studying to dispose of part of its assets. His financial problems derive from his high exposure to the aforementioned FTX, which forced him to order a blockade of the funds. The ‘b-side’ of this situation came with the closure of some businesses to reduce costs and a 30% cut in the workforce.

Another collateral casualty has been Singapore-based cryptocurrency exchange Crypto.com, which used scissors among its team and will lay off a fifth of its workforce after laying off 5% of its employees last summer. . It thus joins Coinbase Global, which will also reduce its team by 950 workers.

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

Most Popular

Recent Comments