The ETH/BTC currency is down 8% since Jan. 11, as the value of bitcoin increasingly appears more than that of ether; BTC is hovering around $23,000 in Monday’s trading.
Bitcoin broke from a high of $23,000 on Monday before falling back below that threshold in a repeated performance over the weekend that continued to reflect the optimism of new investors. The largest cryptocurrency by market capitalization recently traded at $22,968, up almost a full percent in the past 24 hours, BTC is up 35% year to day between signs in the market falls without the economy falling into a deep recession. .
Still, many analysts don’t believe the rally will last after nearly 14 months of wild market trading and several crypto debacles that have shaken public confidence in the industry. the body. In a weekly commentary, Jeff Dorman, chief investment officer of the digital currency company Arca, said that bitcoin’s rebound and the “revival power” of tokens come from “applications and protocols largely left for dead.” An upsurge is “only a bear market rally or a price increase that will cause enough economic activity to support the price movement.”
“On a micro level, many applications and individual protocols are still close to the lowest level of users and services,” although many have grown more than 100% in recent weeks,” Dorman wrote, adding “the market is trying to find a balance. .. something between the dead zone of yesteryear and the euphoria of 2021.”
Ether rose and fell on Monday but continued to trade well above $1,600, flat from Sunday at the same time. Other cryptos are mixed with AVAX, the Avalanche base layer protocol token, and XRP, the native crypto of the XRP Ledger public blockchain, more than 4% and 5%, respectively, but AXS, the official token of Axie Games Infinity, down more than 12%. AXS rose more than 40% on Sunday. The CoinDesk Market Index (CMI), a measure of market performance for major cryptos, rose slightly. Stock indices closed higher to continue their gains this year, with technology-focused Nasdaq and the S&P 500 jumping 2% and 1.2%, respectively, as markets in -expected that the US central bank will reduce its interest rate next from 50 to 75 basis points (bps) increasing the last eight months to 25 bps.
Meanwhile, Genesis Global’s lawyers told a federal court in New York on Monday that they have been working “around the clock” with representatives of the US company’s creditors for two months. ago to get a “verification decision” on the users. those who pay the problem companies. Earlier this month, Genesis Global Holdco – the holding company of Genesis Global Capital – and its two subsidiaries, Genesis Asia Pacific (GAP) and Genesis Global Capital (GGC), filed for Chapter 11 bankruptcy protection. – part of the fall from it. crypto exchange. Failure of FTX.
In his company’s commentary, Arca’s risk committee chief Michael Dershewitz wrote that the Chapter 11 filing represented “the end of the game” for “long-term public debt.”
“Chapter 11 is a useful process for terminating wages and negotiating court-approved restructuring,” Dershewitz wrote, adding, “We can’t add much to predict how negotiations will go.” These people will stop, but we are looking at the edge of our seats.”
