Bitcoin surges past 22000 despite Genesis crash
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Bitcoin surges past $22,000 despite Genesis crash

In the past 24 hours, Bitcoin’s price is up more than 5%, topping $22,000 and hitting its highest level since mid-September last year. This comes despite the opening of bankruptcy proceedings Thursday by cryptocurrency broker Genesis Global Capital and two other holding companies Digital Currency Group (DCG), which appeared to have a negative impact on the cryptocurrency market.

    Image source: Kanchanara/unsplash.com

Image source: Kanchanara/unsplash.com

Genesis Global Capital was hit particularly hard by the collapse of cryptocurrency hedge fund Three Arrows Capital (3AC), which filed for bankruptcy in July and owed it more than $2.3 billion in cryptocurrency, and the collapse of the largest cryptocurrency exchange, FTX.

Bitcoin reached $22,387, up 5.4% from 24 hours ago. Ethereum is also on the rise, up 5.2% since Thursday to $1,640. The Coindesk Market Index (CMI) rose 4.1%.

In the past seven days, bitcoin price is up 11% and up 34% year-to-date. Ethereum is up 12% in a week and up 37% since December 31, 2022.

Cryptocurrency-related stocks also posted gains. Exchange Coinbase (Coin) shares are up 10% recently, while bitcoin miner Marathon Digital Holdings (MARA) is up 9%. Traditional markets also showed growth, with the S&P 500 stock index rising 1.9%.

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Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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