Bitcoin rally and ‘short memories’ reignite everything in crypto
market itself, but in the broader financial world that had left the digital asset sector for dead last year.
The change of heart can be seen in the improved outlook for deal flow, highlighted by Robinhood Markets Inc.’s purchase of crypto exchange Bitstamp Ltd. on Thursday, to a resurgence of venture-capital investments to what some analysts are expecting to be record amount of initial public offerings of companies connected to the industry.
In the crypto market itself, there’s been a notable return of the hallmarks of previous bull markets: Celebrities are once again promoting crypto, and new tokens are being created at a rate of thousands per day, with some 330,000 coins debuting in the Ethereum ecosystem in April and May alone, according to crypto data tracker Dune.
Taken all together, it demonstrates that there’s nothing like rising prices to make investors forget about past financial carnage — including bankruptcies of crypto exchange FTX and lender Celsius — in a market that’s most famous for its scandals and boom-and-bust cycles.
Did you Know?
The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.
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