Cryptocurrency

Bitcoin recovers to pre-FTX crash levels

Watch: Bitcoin recovers to pre-FTX crash levels ⁠— The Crypto Mile weekly update

Bitcoin (BTC-USD) has regained a price position not seen since before the collapse of the FTX cryptocurrency exchange in November 2022, which plunged the market into a series of liquidations.

This week’s The Crypto Mile Weekly Update reports on a cryptocurrency market that is a sea of green.

Bitcoin has broken through the $21,000 mark for the first time since the start of November 2022, before the FTX collapse.

Bitcoin stood at the $21,334 (£17,383) at the time of writing, up from a low of $16,000 at the beginning of the year.

Check: Crypto live prices

After the fall of Bahamas-based FTX, major crypto-firms such as Coinbase (COIN) and Kraken began implementing an array of lay-offs.

Nearly 27,000 people lost their jobs in the cryptocurrency industry in 2022, according to a report by Coindesk.

But since the beginning of 2023 green shoots have begun to grow. On the back of lower than expected inflation data from the US and the hints of fewer monetary tightening measures by the Federal Reserve, the entire cryptocurrency market capitalisation has again risen above $1tn.

The crypto market cap hit a high of $1.04tn on Wednesday, a rise of around 2.1% in 24 hours, according to Coingecko.

Solana (SOL-USD)made the biggest gains, briefly ousting polygon to gain entry to the list of the top 10 cryptocurrencies before falling back to eleventh position.

Solana made gains of 44.7% in the week ⁠— a rise to $23.59.

Read more: How crypto fell to earth in 2022: Eight charts that tell the story of a cruel crash

The second largest cryptocurrency by market capitalisation, ethereum (ETH-USD), has followed closely behind bitcoin, posting weekly gains.

Ethereum was up 20% in the week to $1,585, hitting a two month high over the weekend.

Watch: Web3 sectors to watch in 2023 | The Crypto Mile

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