With bitcoin reaching a new high for 2023 on Friday, cryptocurrency prices have bounced back from a significant decline earlier in the week.
For the first time since May 2022, the price of bitcoin increased to $38,350.00, according to Coin Metrics. It was up 1% at $37,946.01 and expected to rise 3.9% by the end of the week.
At $2,122.98, ether was trading more than 2.5% higher, having reclaimed the crucial psychological level of $2,000 in the meanwhile. With a projected gain of almost 8%, the token with the second-largest market capitalization is outperforming the cryptocurrency market this week.
Despite outperforming bitcoin by 130% this year, Solana has underperformed the main tokens this week, up more than 476%. On the week, it’s about flat.
Following his earlier this week agreement to enter a guilty plea to federal criminal charges brought by the U.S. Department of Justice, investors are processing the end of Changpeng “CZ” Zhao’s reign at Binance, the largest exchange globally. Sam Bankman-Fried, the creator of FTX, was found guilty in a federal fraud and conspiracy trial less than a month prior to the announcement.
Although many believe that Binance’s settlement is a necessary step to help the crypto sector, which is still recuperating from FTX’s 2022 crash, go forward, Binance remains the largest liquidity pool for cryptocurrency trading. A bitcoin ETF clearance could be facilitated by the resolution of the Binance probe, according to some, which many investors believe will be the primary driver of bitcoin’s price growth to very higher levels.
Source (CNBC)
