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Bitcoin Rises Over $22,000 Despite Genesis Crash.

Published: 2023-01-21

Over the past 24 hours, Bitcoin has risen in price by more than 5%, exceeding $22,000 and reaching its highest level since mid-September last year. This happened despite the launch of bankruptcy proceedings on Thursday by the cryptocurrency broker Genesis Global Capital and two other companies of the Digital Currency Group (DCG) holding, which, it would seem, should have a negative impact on the cryptocurrency market.

In particular, Genesis Global Capital suffered the consequences of the collapse of the cryptocurrency hedge fund Three Arrows Capital (3AC), which filed for bankruptcy in July and owed it more than $2.3 billion in cryptocurrency, as well as the collapse of the largest cryptocurrency exchange FTX.

Bitcoin hit $22,387, up 5.4% from its value 24 hours ago. Ethereum is also on the rise, up 5.2% since Thursday to $1,640. The Coindesk Market Index (CMI) increased by 4.1%.

Over the past seven days, the price of bitcoin has increased by 11%, and since the beginning of the year - by 34%. Ethereum is up 12% in a week and 37% since December 31, 2022.

Cryptocurrency-related stocks also saw gains. Exchange Coinbase (Coin) securities recently surged 10%, while shares of bitcoin miner Marathon Digital Holdings (MARA) surged 9%. Traditional markets also showed growth, with the S&P 500 stock index up 1.9%.