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Crypto markets: Bitcoin’s 160 pct Rebound in 2023 Is a Gamble on ETF ‘Demand Shock’

24Dec

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Technology

Crypto markets: Bitcoin’s 160 pct Rebound in 2023 Is a Gamble on ETF ‘Demand Shock’

[ad_1] The sense of doom that gripped crypto markets at the end of 2022 following a $1.5 trillion wipeout has 12 months later given way to a very different sentiment: avarice. Bitcoin stormed back with a more than 160% advance this year that added some $530 billion to its market capitalization. In its wake, myriad smaller tokens ranging from Sam Bankman-Fried-backed Solana to dog- and frog-themed memecoins took off as investors embraced risk again. An investor who bought $100,000 of Solana at the start of 2023 would now be sitting on a more than $800,000 gain. Underpinning much of the bonanza is optimism that US regulators will soon give their first blessing for an exchange-traded fund that invests directly in Bitcoin. Investors will find out by Jan. 10 if that bet, which crypto bulls ...

One year after FTX imploded, here’s how crypto is changing

[ad_1] For many who trade cryptocurrencies for a living, the events of a year ago are forever etched in memory. “The worst day of my career, and one of the worst days of my life — the day FTX froze withdrawals,” is how Travis Kling, who runs Ikigai Asset Management, described it in a series of tweets on Nov. 7. Four days later, Sam Bankman-Fried's exchange filed for bankruptcy, ushering in arguably the darkest days in crypto's history. “The first weeks were incredibly brutal. I didn't sleep much at all. Feelings of terror, guilt and shame. We laid off most of the team,” Kling wrote. A year on, the industry is irrevocably altered — while at the same time in many ways remarkably familiar. Mostly gone are the giddy day traders and the abundant leverage that drove Bitcoin to its November...

Crypto Memes Kick Back Into High Gear After Bitcoin ETF Frenzy

[ad_1] If there's one thing that crypto enthusiasts love more than the digital assets themselves, it's memes. A frenzy of crypto-based memes have gained fresh momentum last week as Bitcoin rallied.Growing expectations that the US Securities and Exchange Commission will authorize exchange-traded funds that invest directly in Bitcoin pushed the largest crypto by market value up by more than 25% over the past two weeks to around $35,000 on Wednesday — its highest level in about 18 months. The breakout gives bulls some hope even as reminders of the industry's recent woes linger. Just last week, Sam Bankman-Fried took the stand in his own defense of criminal charges stemming from the collapse of his crypto exchange FTX. He has pleaded not guilty. We are now on WhatsApp. Click to join. Memeco...