A Bitcoin logo at a BitBase cryptocurrency exchange in Barcelona, Spain, on Monday, May 16, 2022.
Angel Garcia | Bloomberg | Getty Images
Bitcoin has held steady above $21,000 for the past two days, bringing it back above the price it was on Sam Bankman-Fried crypto exchange, FTXbegan its descent towards bankruptcy.
Since Monday, bitcoin has remained largely stable above $21,000, well above its Nov. 11 levels. 2 Price of $20,283.
Bitcoin price is up more than 22% in the past seven days, according to data from CoinMarketCap. Bitcoin fell by the same amount in less than a day, between 7/11 and August 11, as investors struggled to gauge the impact of a potential FTX collapse and the likelihood of a Binance-backed FTX bailout. It fell below $16,000 several times in the following weeks.
CoinDesk first reported irregularities at FTX’s sister hedge fund, Alameda Research, on Nov. 11. 2. Within a few days, billions of dollars worth of cryptocurrencies started pouring out of FTX. ChangPeng Zhao’s potential bailout deal with Binance fell through in November. 8, and FTX and Alameda both declared bankruptcy in November. 11.
During this time, bitcoin, long the most prominent and well-capitalized cryptocurrency, became a vessel for investor concern.
Bitcoin price has recouped the losses it suffered after FTX collapsed
The rising price comes at a time of deep uncertainty for the entire industry. On Thursday, the Securities and Exchange Commission charged two crypto companies, Genesis Trading and Gemini, with offering and selling unregistered securities.
Multiple rounds of layoffs have hit crypto exchanges, including Coinbase and Crypto.com.
According to data from CoinMarketCap, Bitcoin has seen a rally that has outpaced the gains of other cryptocurrencies. In the last seven days ether has gained over 18%. Binance exchange token prices, GDPduck ripple have the rice 10% and over 11% respectively.
But ether competitor Solana has seen its price rise over 44% in the past seven days, driven in part by the minting of a dog-based, non-fungible token, Bonk Inu, on Solana’s blockchain.