Bitcoin BTCUSD,
As the cryptocurrency market recovered somewhat in early 2023, it surged above $23,000 on Saturday, its highest level since September.
The rally happened despite Thursday’s news that Genesis Global Capital has filed for Chapter 11 bankruptcy protection. Genesis is owned by Digital Currency Group. The company has been embroiled in the aftermath of the collapse of crypto hedge fund Three Arrows Capital last spring and more recently of crypto exchange FTX.
See also Bitcoin has just recovered from the implosion of FTX. Could Genesis bankruptcy push it to new lows?
Bitcoin is up 12% over the past seven days and is up 35% for the year. Ether ETHE,
It’s up 13% over the past week, and up 38% since December 31st.
Crypto stocks also benefited from Friday’s rally: Exchange Coinbase COIN,
While Bitcoin miner Marathon Digital Holdings MARA is on the rise,
jumped too.
However, some traders were skeptical of the rise.
“Bitcoin appears to be trading alongside the Nasdaq and risk assets after the past few months of decoupling,” Defiance ETFs CEO Sylvia Jablonski told CNBC on Friday. rice field.
“If inflation goes down and the Fed is closer to the end of its tightening cycle than it is to begin, risky assets will be a breath of fresh air and could possibly pull investors back. It’s good news for
Edward Moya, senior market analyst at Oanda, said in a note on Friday that if there were more Fed rate hikes beyond the Fed’s March meeting, “risky assets, including crypto, , could be vulnerable to significant selling pressure.”
