• Bitcoin’s price has recovered to over $21,000 after the FTX crash two months ago.
• Most alternative coins have seen similarly impressive rallies in the past week or so.
• The rapid demise of FTX, Alameda Research, and other related firms at the end of 2022 had a significant impact on the crypto market.
The crypto market has had a roller-coaster of a ride in recent months, with the demise of some of the most prominent names in the industry at the end of 2022. In particular, the sudden collapse of SBF’s former crypto empire, FTX, had a devastating effect on the market. After a period of significant volatility, the price of Bitcoin has now fully recovered, with the asset hitting a high of over $21,000 earlier today.
The recovery of Bitcoin has been mirrored by many of the alternative coins on the market, with many experiencing double-digit price surges in the past week or so. Ethereum, for example, has seen its price jump from around $677 at the start of the week to a high of over $1,000. Similarly, Cardano, Litecoin, and Polkadot have all seen significant price increases, with Cardano and Polkadot both hitting all-time highs in the past few days.
The recovery of Bitcoin and the wider crypto market has been helped by a number of recent developments. Most notably, the US Treasury Department has approved the application of the Winklevoss twins’ crypto exchange, Gemini, for a banking license. This is the first time a crypto exchange has been given the green light for such a license, and it could well pave the way for more mainstream adoption of crypto assets.
The recovery of Bitcoin and the crypto market has been welcomed by many investors, who had been concerned that the FTX crash would have a lasting impact on the market. After two months of volatility, it is clear that the crypto market has bounced back, and is now stronger than ever. With more positive news on the horizon, it looks like the crypto market is set to continue its impressive rally in the coming months.