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After surpassing $19,000 on Thursday, Bitcoin nearly regained $19,300 early on Friday, reaching a one-month high. The rise came after lawyers at bankrupt cryptocurrency exchange FTX announced it had recovered $5 billion in liquid assets. Ethereum, Binancecoin and Dogecoin also rose as crypto markets rose on Thursday following the announcement of a bankrupt cryptocurrency exchange.
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Bitcoin surged 5% to $19,299 on Friday morning, but quickly fell back to $19,100. The top cryptocurrency surged 7% on Thursday, briefly retracing his $19,000 levels in the afternoon, but he returned to $18,850 after the stock market closed.
Bitcoin Price Rises, FTX Assets Recover
At a court hearing on Wednesday, lawyers for FTX, which oversees bankruptcy proceedings, said they had recovered $5 billion in cash, digital and other liquid assets. This asset could be used to pay off his 9 million creditors on cryptocurrency exchanges. The total amount owed to creditors is still unknown, but the initial bankruptcy filing puts it at between $1 billion and $10 billion.
On Thursday, former FTX CEO Sam Bankman-Fried detailed the bankruptcy of the cryptocurrency exchange in a lengthy Substack post. “I did not steal funds and certainly did not hide billions of dollars. Almost all of my assets were available to help FTX customers,” he wrote. increase.
Bankman-Fried claims that the exchange’s American body, FTX US, had $352 million in cash in excess of its on-sheet customer balances when he resigned. SBF continues to insist that FTX US is always the solution. “Even now, I believe that if FTX International reboots, it’s a real possibility that customers will be virtually complete.
Overall, Bankman-Fried said (FTX’s sister crypto exchange) Alameda has borrowed $8 billion in 2021 and has only $7 billion in liquidity on hand, as a broader crash hits the market. We believe that we did not adequately hedge our exposure. However, he accused Binance CEO Changpeng Zhao of an “extreme, rapid, targeted crash” that bankrupted Alameda and then spread to FTX. It doesn’t address spending or lack of oversight.
Attorney John Ray III, the CEO of FTX, which oversees the bankruptcy, was not on SBF’s side. Ray has previously criticized FTX’s operations, stating, “In my career, I have seen complete failures of corporate controls at every level of the organization, from lack of financial statements to complete failures of internal controls and governance. It never happened. Last week, Bankman-Fried pleaded not guilty to a series of criminal charges.
bitcoin price chart
This is the first time BTC has crossed $19,000 since the collapse of crypto exchange FTX in early November. And the world’s largest cryptocurrency has struggled to reach $18,000 in the months since.
According to data from on-chain analytics firm Glassnode compiled by CoinTelegraph, bitcoin’s price has risen above $18,200, with around 13% of the circulating supply turning a profit.
Cryptocurrency price action
As the price of Bitcoin recovered, so did most of the cryptocurrencies. Ethereum has surged 6.5% to reach $1,420. This is the highest level for the second largest cryptocurrency since the FTX meltdown. His BNB token on Binance climbed 2.8% to $285 for the first time since mid-December. Also, Dogecoin, a popular alternative coin, rose about 4.3% to 8 cents for the first time in a month.
Follow Harrison Miller on Twitter for stock news and updates. @IBD_ Harrison
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