Bitcoin pumps above $42.7K; FTX plans early bankruptcy resolution
By Laxmikant Khanvilkar
The virtual digital assets (VDA) have succeeded in navigating the cool-off observed in the past few days, which was triggered by weeks of overbought conditions, in turn, guided by peaking of Fed rate hikes and ETF approval optimism.
The latest resurgence is derived from the FTX’s plan for early resolution of bankruptcy case.
The filing with Delaware court by collapsed crypto exchange along with plan to return up to 90% of creditors funds, has helped Bitcoin (BTC), the largest cryptocurrency by market capitalisation, to rally towards $43,000 level once again. It was recently trading at $42,672, up 3.2%.
The optimism is seen spreading across broader markets as well. Ethereum (ETH), the second largest cryptocurrency, was changing hands at $2,214, adding 1% in the last 24-hours.
Bitcoin price recovery is also attributed to the intensifying of the spot exchange-traded funds (ETFs) wars. It comes after reports that Bitwise and BlackRock continue to fuel Bitcoin ETF approval hopes amid ongoing meetings with the US Securities and Exchange Commission.
Broader markets have turned positive tracking their peers. Large-cap tokens of Binance, Solana, Cardano were sitting in losses.
Apparently, the global crypto market cap increased by 1.9% to $1.6 trillion in the last 24 hours. Similarly, the total crypto market volume grew 34.8% to $64.6 billion. Total volume in DeFi is currently $7.6 billion, and all stablecoins are $57.7 billion, representing 11.8% and 89.4%, respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 52.19%, up 0.68% over the day.
The IC15 index, the barometer of the top fifteen tokens, surged 2.1% to 53,640.
Meanwhile, analysts are recommending for caution as we enter the final week of trading before Christmas Holidays. Apart from thin volumes, there is little in the way of on-diary events that could affect crypto prices this week. Upcoming inflation data has a potential to move the needle, but this is very much a sideshow relative to the overall crypto market at the moment, they added.
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