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Bitcoin Recovers All Losses Since FTX Implosion

  • Bitcoin is now at over $21,000, which is well below its Nov. 2 value of $20,283.
  • The cryptocurrency plummeted by 22% in less time than a day between Nov. 7th and Nov. 8 as investors struggled with the implications of a possible FTX crash and the likelihood that a Binance-backed FTX bailout would be implemented.
  • It dropped below $16,000 several more times over the next weeks.
A Bitcoin logo in a BitBase cryptocurrency trading platform in Barcelona, Spain on Monday, May 16, 2022.
Bloomberg | Bloomberg | Getty Images

Bitcoin It has remained above $21,000 over the past two days, which puts it back above its price when it was traded on Sam Bankman-Fried’s crypto exchange. FTX, started its slide towards bankruptcy.

Bitcoin’s price has been steady at $21,000 since Monday. This is well above its Nov. 2, $20,283 high.

According to CoinMarketCap data, bitcoin’s price has increased by more than 22% over the past seven days. Bitcoin lost the same amount in less that a day between Nov. 7th and Nov. 8 as investors struggled with the implications of a possible FTX collapse, and the possibility of a Binance-backed FTX bailout. The price dropped below $16,000 several more times over the next weeks.

CoinDesk reported irregularities at FTX’s sister hedge fund Alameda Research on Nov. 2. Within days, a few billion dollars’ worth of cryptocurrencies started to flow out of FTX. A possible rescue deal with ChangPeng Zhao’s Binance collapsed Nov. 8, and FTX as well as Alameda declared bankruptcy Nov. 11.

Over the course of that time, bitcoin, which was long the most popular and well-capitalized cryptocurrency in the world, became a vehicle for investor concern.

The Bitcoin price has now recovered its losses from FTX’s collapse

The industry is experiencing deep uncertainty as a result of the price rise. The Securities and Exchange Commission (SEC) will be meeting on Thursday. charged two crypto companiesGemini, Genesis Trading, and Genesis Trading, offering unregistered securities.

Numerous rounds of layoffs have hit crypto exchanges, including Coinbase And Crypto.com.

According to CoinMarketCap data, Bitcoin’s rally has outpaced gains made by other cryptocurrency. The last seven days have seen a surge in Bitcoin. ether has increased 18%. The exchange token Binance is now worth 18%. BNBAnd ripple They have increased by 10% and 11% respectively.

But ether competitor solana It has seen its price increase by more than 44% over the past seven days. This was largely due to the minting of Bonk Inu, a non-fungible token based on dogs, on Solana’s blockchain.

CNBC Pro offers more tech and crypto information


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