Beautiful Virgin Islands

Tuesday, May 20, 2025

Bitcoin soared past $23,000 on Saturday, its highest level since FTX collapse

Bitcoin soared past $23,000 on Saturday, its highest level since FTX collapse

Regardless if this is dead cat relief wave or a reversal on Bitcoin, it is great to see some optimism back in Crypto.
Bitcoin soared past $23,000 on Saturday, its highest level since September, as the crypto currency market recovered some ground in early 2023.

The rally came despite news on Thursday that Genesis Global Capital had filed for Chapter 11 bankruptcy protection. Genesis is owned by Digital Currency Group. The company has been caught up in the fallout from the collapses of crypto hedge fund Three Arrows Capital last spring and, more recently, crypto exchange FTX.

Bitcoin has climbed 12% in the past seven days and is up 35% for the year. Ether ETHE has jumped 13% over the past week and is up 38% since Dec. 31.

Crypto-related stocks also benefited from the rally Friday: Exchange Coinbase COIN rose while bitcoin miner Marathon Digital Holdings MARA jumped too.

Some traders were skeptical of the rally though.

“Bitcoin seems to be trading along with the Nasdaq and risk assets again, after the past months of decoupling,” Sylvia Jablonski, CEO and chief investment officer at Defiance ETFs told CNBC on Friday.

“This is good news for crypto investors in that if inflation is falling, and the Fed is closer to the end than the beginning of economic tightening, risk assets will catch a breath of fresh air and perhaps lure investors back in.”

Edward Moya, senior market analyst at Oanda, said in a Friday note that if more Federal Reserve interest rate hikes happen beyond the Fed’s March meeting, “risky assets broadly, including crypto, could be vulnerable to major selling pressure.”
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Russia Expands Military Presence Near Finland Amid Rising Tensions
Indian Scholar Arrested in Crackdown Over Pakistan Conflict Commentary
Ontario Manufacturers Warn U.S. Tariffs Could Create Economic 'Ghost Town'
UK and EU Reach Landmark Post-Brexit Deal to Reset Relations
Israel Eases Gaza Blockade Amid Internal Dispute Over Military Strategy
President Biden’s announcement of advanced prostate cancer sparked public sympathy—but behind closed doors, Democrats are in panic
Trump Demands Probe into Kamala Harris for Paying Celebs to Fake Endorsements
At Age 92, the World’s Oldest President Has No Succession Plan — and That Could Spark a Crisis
U.S. Concerns Mount Over Chinese 'Kill Switch' Components Found in Solar Power Infrastructure
Bipartisan Criticism Surrounds Trump's Cryptocurrency Ventures
Diplomatic Efforts on the Russia-Ukraine Conflict
Mexican Navy Ship Collides with Brooklyn Bridge, Injuries Reported
A Chinese company made solar tiles that look way nicer than regular panels!
U.S. and Philippine Forces Test High-Powered Microwave Weapons in Joint Exercise
China Unveils Advanced AI Surveillance Tools at 12th Police Equipment Expo
Japan's Three Major Banks Report Record High Net Profits for Second Consecutive Year
The Chinese Dragon: The True Winner in the India-Pakistan Clash
US and EU Make Progress in Trade Talks, While Vietnam Negotiations Also Advance
Sean 'Diddy' Combs Trial: Ex-Girlfriend Cassie Ventura Testifies About Alleged Abuse
Former Wales Rugby Star Jamie Roberts to Pursue Medical Career
Australia's Venomous Creatures Contribute to Life-Saving Antivenom Programme
Passenger Travels Under Wrong Identity on British Airways Flight
Former FBI Director James Comey Questioned by Secret Service Over Social Media Post
The Spanish Were Right: Long Working Hours Harm Brain Function
After 108 Years: Moody’s Downgrades U.S. Credit Rating
Did Former FBI Director Call for Violence Against Trump? Instagram Post Sparks Uproar
US and UAE Partner to Develop Massive AI Data Center Complex
Russia and Ukraine Hold First Direct Peace Talks in Three Years — But No Breakthrough Yet
Apple's $95 Million Siri Settlement: Eligible Users Have Until July 2 to File Claims
US and UAE Reach Preliminary Agreement on Nvidia AI Chip Imports
KREMLIN has just approved Senator ALEXANDER " THE EXPERIMENT" KARELIN, of Novosibrisk, as Chief Negotiator at the Meeting in ISTANBUL with Ukraine & USA.
Shocking Footage Released: Diddy Caught Dragging Cassie in Brutal Hotel Hallway Assault
Starlink Now Profitable: SpaceX Hits Major Milestone with $11.8 Billion in Revenue
Portuguese Right-Wing Leader Collapses During Campaign Rally
A Pakistani imam in Italy gave a sermon stating that every Muslim should fight the infidels or face ‘catastrophic consequences’.
President Trump and Elon Musk Welcomed by Emir of Qatar Sheikh Tamim with Cybertruck Convoy
EU Court Orders Disclosure of von der Leyen’s Texts with Pfizer CEO Over €35 Billion Vaccine Deal
Strong Warning Issued: Do Not Use General Chatbots for Medical, Legal, or Educational Guidance
Saudi Arabia Emerges as Global Tech Magnet with U.S. Backing and Trump’s Visit
Mexican Influencer Valeria Márquez Killed During Livestream in Suspected Femicide
This man went to take $5,000 out his own bank account and was arrested for it
This was President's departure from Saudi Arabia. The Crown Prince personally escorted him back to the airport.
CIA Files Reveal Klaus Barbie's Role in Bolivian Drug Trade and Dictatorship Support
Daughter of crypto boss escapes Paris kidnap in latest in series of attacks
U.S. FDA to Remove Oral Fluoride Supplements for Children Amid Gut Health Concerns
Kim Kardashian Testifies in Paris Robbery Trial, Tells Gang Leader: 'I Forgive You'
NVIDIA and Saudi Arabia Launch Strategic Partnership to Establish AI Centers
Challenges Facing EU Foreign Policy Amidst Diverging Interests
Reports Reveal Alarming Cognitive Decline in Biden Prior to Election Withdrawal
Trump Meets Syrian President Ahmad al-Shara in Historic Encounter
×