The value of the largest cryptocurrency has recovered after some decline earlier this week; Bitcoin rose more than 2% on Friday to $38,416.28, the highest since May 2022. According to the results of this week, if you do not count the weekend, the growth of the first cryptocurrency will be 5%. According to Coindesk data at the time this article was published, the Bitcoin price was $37,866.
However, Ethereum broke above the key psychological level of $2,000 and is currently trading at $2,122.98 per token, up more than 2.5%. Ethereum, the second-largest token by market cap, has grown ahead of the cryptocurrency market overall this week. Its growth will be over 9 percent. Solana has lagged behind major tokens this week, posting a strong year-to-date gain of over 476% compared to Bitcoin’s 130%. The dynamics of the change in value at the end of the week will be insignificant.
It is worth noting that this week crypto investors were busy rethinking the end of the reign of Changpeng Zhao (Changpeng Zhao) at the world’s largest exchange Binance. It will be recalled that earlier this week, the top executive accepted the federal criminal charges brought by the US Department of Justice and agreed to resign. Moreover, this high-profile scandal broke less than a month after Sam Bankman-Fried, the founder of another FTX exchange, was convicted in federal court of fraud and conspiracy.
Binance is the largest cryptocurrency exchange and many see this agreement as a necessary development that will benefit the crypto industry. Although the industry is still recovering from the 2022 FTX crash, it will now be able to move forward with more confidence.
Investors are also evaluating the minutes of the last US Federal Reserve (Fed) meeting, which were released on the day of the Binance investigation. Based on the analysis of the economic situation in these protocols, we can conclude that the authorities will not reduce interest rates in the near future.
Binance’s main rival Coinbase also hit new 2023 highs on Nasdaq on Friday. The stock traded up 5.4% at $115.14, reaching that level for the first time since May 2022.
Among other assets related to cryptocurrencies, the 2.6% increase in the shares of Microstrategy, a company that provides business analytics services in the field of big data, is noteworthy. Shares of Bitcoin miners also rose. The biggest growth was achieved by Iris Energy and CleanSpark, which grew by 10% and 11% respectively.
Source: Port Altele
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