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Bitcoin price rallies to recoup losses since FTX collapse

Bitcoin price rallies to recoup losses since FTX collapse

Bitcoin price rallies to recoup losses since FTX collapse

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Cryptocurrency bulls extend one of the most unlikely rallies of the year so far, pushing Bitcoin above $21,000 for a second day. This means that the digital currency has now recouped all of its losses since FTX’s spectacular collapse in November.

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The rising tide has lifted most crypto boats, reports the DealBook newsletter. Even some downed tokens — including failed exchange FTX’s in-house token FTT — have rebounded as investors bet the Federal Reserve will slow its pace of interest rate hikes, leading to a broad rally in risky assets. Shares of Coinbase, the publicly traded crypto exchange that laid off workers and cut costs, were acquired at the market open in New York; it has increased by more than 30% over the past week.

But crypto analysts are divided on the sustainability of the rally. Skeptics say the fundamentals for a long-term upside are lacking, making the recent jump a risky bet for investors.

The crypto rally comes as lawyers from Sullivan & Cromwell, the law firm advising on FTX’s multi-billion dollar bankruptcy, revealed that the company’s assets are worth around $5.5 billion, of which 1 $.7 billion in cash and $3.5 billion in crypto assets. That makes this broader rally important to FTX’s creditors – if it lasts.

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