It’s finally Friday! And why is Friday the most awaited day of the week? Because there is the CryptoNews Weekly Recap, of course.
And there’s nothing better than a Recap in which we can say that the cryptocurrency market is still in the green. Are we facing the light at the end of the tunnel? Undoubtedly, 2022 was a tortuous road of anguish for investors, savers and crypto enthusiasts, who saw their illusions (and their savings) shattered with each downturn. However, it seems that this 2023 brought with it a new air of optimism and, although only 20 days have passed since the beginning of the year, experts and beginners alike seem to agree that this will be the beginning of a slow but steady rise.
There are many cases we could analyze of cryptocurrencies that are “coming back to life” after bleeding to death in 2022. One of them is Litecoin, which hit lows last December and since that time has given up a 40% gain. Bitcoin returned to the front page of all the media by breaking the $21,000 barrier, something that had not happened for several months now, boosting the market as a whole.
And if we talk about coming back to life, it seems that several cryptocurrency companies that had declared bankruptcy, want to take advantage of the moment of euphoria in the market to return to the arena as if nothing had happened. One of them is Three Arrows Capital, which went bankrupt after the collapse of TERRA, which assured that it is planning to launch a new Exchange… simply amazing.
Another that seems to want to come back from the dead is FTT, the native token of the bankrupt Exchange FTX, which soared an incredible 60%. SBF is going to be happy for the news, can someone go visit him in jail and give it to him?
Back to the moment of hullabaloo, Shiba Inu is taking full advantage of the market tailwind and wants to definitively detach itself from the “memecoin” image. Its creators had already assured that their idea was to consolidate SHIB as a crypto with real utility within the blockchain, which is why the long-awaited layer 2 network Shibarium was announced. The announcement was very well received by the market and the token rose 14% in just a few hours.
The second largest token in the market, Ethereum, continues to consolidate and the bulls are looking to break the critical $1700 barrier. But that’s going to be explained to you much better by our trading expert – go check out his analysis!
The metaverse has not wanted to be left out of the party that has been going on since the beginning of the year, and tokens like SAND, MANA and GALA have seen an incredible rise. Will we finally see a metaverse with real applications in 2023?
Unfortunately not everything has been rosy this week. The effects of the fall of FTX almost 2 months ago are still being felt and, as we had predicted in previous Summaries, this would cause a domino effect that would eventually drag many companies down. The latest to fall was Genesis, which officially filed for bankruptcy this Friday.
In any case, the company’s bankruptcy does not seem to have had a major effect on the market. In fact, Bitcoin remains stable and it seems that we will see more rises in the coming days. By the way, Solana continues to recover and closed the week up 25%. Will SOL return to its splendor?
See you next Friday!