Bitcoin has now recovered all its losses since FTX collapsed

Bitcoin logo inside the BitBase cryptocurrency exchange in Barcelona, ​​Spain, Monday, May 16, 2022.

Angel Garcia | Bloomberg | Bloomberg | Getty Images

Bitcoin It has held steady above $21,000 for the past two days, beating Sam Bankman-Fried’s cryptocurrency exchange price. FTXbegan to slide towards bankruptcy.

Since Monday, Bitcoin has remained mostly stable above $21,000, well above its November 2nd price of $20,283.

According to data from CoinMarketCap, Bitcoin’s price has increased by more than 22% over the past seven days. Bitcoin fell by the same amount in less than a day from November 7th to November 8th. Investors struggled to assess the impact of a potential FTX collapse and the possibility of a Binance-backed FTX bailout.

CoinDesk first reported the fraudulent activity of FTX’s sister hedge fund, Alameda Research, on November 2nd. Billions of dollars worth of cryptocurrency started flowing out of his FTX within days. ChangPeng Zhao’s potential bailout deal with Binance fell apart on his November 8th, and FTX and Alameda declared him bankrupt on November 11th.

During that time, Bitcoin, long the most prominent and well-capitalized cryptocurrency, became the subject of investor interest.

Bitcoin price recovers losses suffered in wake of FTX collapse

A price spike comes at a time of great uncertainty for the broader industry.On Thursday, the Securities and Exchange Commission Indicts Two Crypto FirmsGenesis Trading, Gemini, the offering and sale of unregistered securities.

Multiple layoffs hit cryptocurrency exchanges. coin base When crypto dot com.

According to data from CoinMarketCap, Bitcoin is enjoying a rise that outpaces gains made by other cryptocurrencies. in the last 7 days ether Up over 18%. Binance exchange token price, BNBWhen ripples They have risen by more than 10% and 11% respectively.

But Ether’s Competitors Solana The price has risen by more than 44% over the past seven days, partly due to the issuance of Bonk Dog, a dog-based non-fungible token on the Solana blockchain.

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