Bitcoin Financial News

Well, that was quick. Less than two weeks after cryptocurrencies hit a nadir in the wake of the FTX collapse, Bitcoin has rallied 25% amid speculation the cryptocurrency selloff late last year was too much and too fast.

Bitcoin is set for its best January since 2013 on bets that monetary tightening and the crypto-sector crisis are both ebbing. The largest token is up 40% since the turn of the year, a first-month gain bettered only twice before when crypto was in its infancy. Smaller coins like Solana, Axie Infinity and Decentraland have doubled in value, part of a $280 billion January climb in digital assets overall, CoinGecko figures show. Bitcoin retreated 2.5% to $23,200 as of 11:37 a.m. in London on Monday amid broad declines in risk assets. The rebound from last year's deep rout is part of a wider revival in risk appetite on expectations that central banks will slow interest-rate hikes and perhaps even cut borrowing costs later this year as high inflation moderates. The rally in virtual coins has weathered ongoing fallout from the collapse of Sam Bankman-Fried's FTX exchange — such as the bankruptcy of crypto lender Genesis Global Holdco LLC and a spate of layoffs across the industry.

Shares of cryptocurrency exchange Coinbase (NASDAQ: COIN) gained after the company revealed it would cut 950 jobs, about 20% of its workforce, in its third round of layoffs in six months.

Following the collapse of the FTX, Goldman Sachs (GS) is planning to invest in crypto companies for tens of millions of dollars.

The European cryptocurrency investment company CoinShares released its «Digital Asset Fund Flows Report» on February 6. The report revealed that investors are demonstrating a strong interest in digital asset investment products, with inflows totaling $76 million last week, marking the fourth consecutive week of inflows.

Bitcoin (BTC) rose 2% to $23,700, whereas Ethereum (ETH) was above the $1,600 level. BTC volume in the last 24 hours stood at approximately $25.72 billion, rising 46.95% in the last 24 hours. «BTC gained 2% in the past 24 hours and is currently trading above the US$23,600 level. If bulls can hold BTC above the current level, the impulse may continue towards US$24,000 and US$25,000 soon. The volume is also high, indicating the buyers' strength in the market,» Edul Patel, CEO and Co-Founder of Mudrex said. Other top crypto tokens were also trading higher. Solana rose 6%. Polkadot Shiba Inu, Dogecoin and BNB were also trading with gains. The global cryptocurrency market cap was trading around $1.07 trillion, rising 1.54% in the last 24 hours.

While the cryptocurrency market has been holding at its current levels, there are some concerns brewing in the market. Most notably, the issue of Digital Currency Group’s (DCG) $2 billion debt acknowledged by its founder in late November and the discounted prices of Grayscale’s Bitcoin Trust (GBTC) have stoked investors’ fears.Still, there remain projects and cryptocurrencies that showcase potential.

This year has been tough for cryptocurrency investors, as a brutal bear market wiped about 65% from the market capitalization of Bitcoin.However, every cloud has a silver lining, and this time it comes in the form of crypto tax-loss harvesting—a strategy in which investors can sell assets at a loss to offset tax requirements. 

America’s biggest exchange Coinbase (COIN) announced to delist of Ripple's XRP, Bitcoin Cash (BCH), Ethereum Classic (ETC), and Steller (XLM) from its wallet product, citing “low usage.”

Genesis, a crypto lending platform owned by venture capital firm Digital Currency Group, joined crypto firm BlockFi in filing for bankruptcy, the latest crypto company to go belly-up amid allegations of fraud after the collapse of FTX late last year.

Bitcoin (BTC) drifted toward major liquidity around the Feb. 13 Wall Street open as the dust settled on United States regulatory news.

Bitcoin fans celebrated the top cryptocurrency's 14th year on Jan. 3 with swarms of birthday posts on social media, signaling the digital asset's resilience even after a prolonged slump in value.

Bitcoin (BTC) is known for its robustness, security and predictability. Every 10 minutes–on average–the blockchain produces a new block and the successful miner earns a block reward of 6.25 BTC, circa $130,000. 

Barring a few exceptions, which we detail below, the crypto market continues to drop. Bitcoin briefly fell below the $16,000 mark, leaving investors anxious. The past few days have revealed more of the financial mismanagement at FTX, consequently keeping investors away from centralized exchanges.

The new year has arrived, but it doesn’t yet look as if the cryptocurrency market has the energy to lift itself out of its doldrums. However, the crypto market comes with quick shifts of fortune, so investors may find themselves in a better position sooner than they expect in 2023.

FTX founder Sam Bankman-Fried was arrested on Dec. 12 in the Bahamas, according to several news reports.The U.S. government's request for his arrest, based on a sealed indictment filed by the U.S. District Court of the Southern District of New York, came a day before Bankman-Fried was due to appear before the U.S. House Financial Services Committee to answer questions about the collapse of the major cryptocurrency exchange he formerly ran as CEO.

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The cryptocurrency market's recent momentum subsided a bit in the latest week as Bitcoin fell back to about $22,000.While that's an improvement from where the market was trading a few months ago, there may be a few more resistance points to break through before the market can enter a bull run. Still, there some crypto tokens are outperforming the market.

Hut 8 (HUT) and U.S. Bitcoin are the latest crypto miners rushing to take advantage of the January Bitcoin rally.

Failed crypto tycoon Sam Bankman-Fried invested $1 billion into Genesis Digital Assets, a bitcoin miner in Kazakhstan, just months before the collapse of his FTX platform heralded a crypto winter that's looking more like an ice age. Bankman-Fried made the investment, the crypto exchange's biggest, through Alameda Research, the FTX-linked hedge fund that's at the center of his firm's bankruptcy, the Wall Street Journal reported.

markets so far in 2023? Look no further than the performance of Bitcoin versus bonds. The cryptocurrency has surged almost 40% so far this year thanks to a general return of risk appetite and the expectation that the Federal Reserve will hit the pause button on hiking interest rates. Of course, those same factors have sparked a rally in bonds but not enough to offset historic losses incurred last year. Bond performance, as measured by a variety of exchange-traded funds containing US government debt with higher sensitivity to moves in interest rates, has recovered just a fraction of last year's losses. The PGIM Total Return Bond ETF is up just 3.43% in January, for example.