The approval in January by the US authorities of exchange-traded funds that will also be based on bitcoin (the so-called spot Bitcoin ETFs) has been the driving force behind the recent rally of the world’s largest cryptocurrency by market capitalization. With prices even surpassing $72,000, memories like these returned to the market until 2021, when the cryptocurrency had hopefully recorded the previous all-time high of $69,000. That had happened in November 2021. But then, as central banks started raising interest rates and scandals broke out in the industry, investors had turned away, causing prices to plunge. In 2022 bitcoin lost 65% of its value after the collapse of the stablecoin terraUSD, which had driven Singaporean hedge fund Three Arrows Capital into bankruptcy. By the end of 2022 the cryptocurrency had fallen to the levels of $16,000 especially after the scandal with the collapse of the FTX exchange in November of that year.
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#mad #race
2024-03-23 05:17:39