Since Monday, Bitcoin has held largely steady above $21,000, well above its Nov. 2 price of $20,283.
The price of bitcoin has jumped over 22% in the last seven days, according to data from CoinMarketCap. Bitcoin fell by that same amount in less than a day, between Nov. 7 and Nov. 8, as investors struggled to assess the impact of a potential FTX collapse and the likelihood of a Binance-backed FTX bailout. It dipped below $16,000 several times in the following weeks.
CoinDesk first reported on irregularities at FTX's sister hedge fund, Alameda Research, on Nov. 2. Billions of dollars worth of cryptocurrencies began to flow out of FTX in a matter of days. A potential rescue deal with ChangPeng Zhao's Binance fell apart on Nov. 8, and FTX and Alameda both declared bankruptcy on Nov. 11.
Over that period, Bitcoin, long the most prominent and well-capitalized cryptocurrency, became a vessel for investor concern.The surging price comes at a time of deep uncertainty for the broader industry. Last Thursday, the Securities and Exchange CommissionMultiple rounds of layoffs have struck crypto exchanges, including
Its too early to celebrate!
It was selling at $61k last year with the talking heads saying it's headed for $100k. I think I'd rather waste my money at Vegas and at least have some fun.
I just want a 400 dollar gpu again. This is insane. So much wasted electricity and e-waste generated.
But millions people didn't
Yea right
Excellent! Now what about the devastating losses from BEFORE FTX?
Nexus ☝🏽
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