Cryptocurrency prices have surged to their highest levels since last September, with Bitcoin BTC USD
The significant gains come despite news that Genesis Global Capital had filed for Chapter 11 bankruptcy protection. This property is owned by Digital Currency Group, which was affected by the collapse of the cryptocurrency hedge fund Three Arrows Capital in the spring, as well as the recent implosion of the cryptocurrency exchange FTX.
See also: Can You Spot the Factors Contributing to the Crypto Market Rally?
Bitcoin’s price has increased by 12% over the past seven days and 35% over the year. Ethereum ETHE,
Associated stocks such as Coinbase COIN,
However, some traders remain skeptical of the rally. Sylvia Jablonski, Chief executive officer and chief investor officer of The Defiance ETF, spoke to CNBC on Friday, saying, “Bitcoin seems to be trading alongside the Nasdaq and risk assets again, after the last few months of decoupling.”
Edward Moya, a senior market analyst at Oanda, added in a note that if the Federal Reserve resumes interest rate hikes beyond its March meeting, “Risk assets, including cryptos, can be subject to extreme selling pressure.”
