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Bitcoin reaches $21,000, as the crypto market bounces back after the collapse of FTX

Tata

Jan 14, 2023

The Crypto market was all green on Friday, and it doesn’t look like it’s going down on Saturday, with cryptocurrencies bouncing back following the collapse of FTX. Bitcoin, the world’s most popular virtual currency, crossed the 20k line and reached the 21k line. The price was somewhere between those lines at the time of this report.

Ethereum, the second most popular cryptocurrency also skyrocketed above $1,500 after lingering around $1,200 for the past weeks. On Binance, AGIX tops the list of top gainers in the last 24 with a growth of about 120%, reaching over $0.2 from $0.1.

Bitcoin started the trading week at $17,207 on Monday and has continued upward movement since then. In total, the crypto market capitalisation is approximately $1 trillion and has increased by about 4% in the last 24 hours. Data obtained from CoinGecko shows that about $72 billion was traded in the crypto market within the last day. 

Although all looks well in the crypto market, at least for now, many traders are sceptical of what might happen in the coming weeks and months, as the United States seems to be more watchful of the market following the collapse of FTX and the ongoing prosecution of its founder and former CEO Sam Bankman-Fried. He was arrested last month and charged with committing eight crimes, including campaign finance violation and wire fraud. 

After gaining control of Congress, the Republicans have concluded plans to establish a new subcommittee dedicated to cryptocurrency. That shows the extent to which the crypto market could be regulated across the United States, which will affect the entire crypto market. 

Congress is not alone in pointing a searchlight on the crypto market. On Thursday, the Security and Exchange Commission charged cryptocurrency exchange Gemini and broker Genesis for violating securities laws with an “Earn” program that allowed Bitcoin users to earn yields when they deposit Bitcoins. 

Although these developments could have adverse effects on the growth of cryptocurrencies this year, many experts in the market have predicted a green year for Bitcoin and its allies. While the growth is already impressive so far, and many are excited about it, at $21,000, Bitcoin is about 70% lower than its all-time high of $69,000. Many are hoping for a return to that figure and possibly getting past it in 2023. Will that happen?

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