Bitcoin Fully Recovers from FTX Collapse, Surpasses $21,000 Mark
Bitcoin has successfully recovered from the sharp declines caused by the FTX collapse in November 2022. As of January 17, 2023, Bitcoin's price surpassed $21,000, reclaiming all losses experienced since the crisis. To put this in perspective, Bitcoin was trading at $20,283 on November 2, 2022, before dropping over 22% in less than 24 hours between November 7 and 8, and later dipping below $16,000.
The collapse of FTX and its hedge fund Alameda Research, which declared bankruptcy on November 11, 2022, amid a failed rescue attempt, shook the crypto markets, causing widespread price volatility.
In the week preceding the report, Bitcoin's price surged over 22%, signaling renewed investor confidence. Other major cryptocurrencies showed impressive gains as well; Ether increased by more than 18%, and Solana experienced a remarkable surge of over 44%.
For those looking to enter or expand their crypto portfolios, platforms like Bitlet.app offer convenient options such as Crypto Installment services, allowing users to buy cryptocurrencies now and pay monthly instead of a lump sum. This can be particularly helpful in volatile markets, making crypto investment more accessible.
As the crypto market continues to stabilize and grow, keeping an eye on such platforms and market trends can provide investors with valuable opportunities.