U.S. attorney Damian Williams speaks to the media regarding the indictment of Samuel Bankman-Fried the founder of failed crypto exchange FTX - The global cryptocurrency market remains badly scarred following the tumultuous collapse of crypto exchange FTX and other big players last year, with crypto prices, volumes and venture capital investment well below their 2021 peaks.
The cryptocurrency was riding high in 2021, hitting a record $69,000 in November that year. But as central banks began to hike rates in early 2022, riskier assets like cryptocurrencies began to feel the pain as investors sought better returns elsewhere. Still, bitcoin has regained almost three-quarters of its value this year on interest from major financial firms including BlackRock and hopes that interest rate hikes are ending. It was trading on Monday at around $28,089.
U.S. VC crypto investments totaled $6.12 billion in the first quarter of 2022, but slumped to just $870 million in the same quarter this year, according to data firm PitchBook. Derivative volumes, meanwhile, have fallen by 60% to $1.1 trillion in the 12 months since September 2022. However, Ackman — who is worth $3.6 billion as of Sunday — told the WSJ he doesn't know if X is interested, or if the deal is doable.Partial recoveries are quite common, but true comebacks are relatively rare, which makes identifying them harder than identifying partial recoveries. The post These 2 Discounted Stocks Are Ready for a Comeback appeared first on The Motley Fool Canada.