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Bitcoin staged a significant recovery on Wednesday, nearing $26,000 after dipping below the crucial support threshold of $25,000 for the first time in three months on Tuesday. Ethereum also saw a resurgence, exceeding $1,600, while the leading ten non-stablecoin cryptocurrencies experienced gains, with Toncoin at the forefront, achieving an impressive 24-hour increase of over 12%. This rebound follows a recent wave of panic selling triggered by the impending liquidation of the insolvent crypto exchange FTX, which is set to offload its $3.4 billion in cryptocurrency holdings before year-end.
As per CoinMarketCap data, at 07:30 a.m. in Hong Kong, Bitcoin had climbed 3.02% over the last 24 hours to $25,867.44, marking a 0.36% rise for the week. On Tuesday, the largest cryptocurrency briefly dropped to a nearly three-month low of $24,930.30 before recovering to a peak of $26,451.94.
Ether mirrored this recovery, rising 3.10% to $1,595.00 after a 2.28% decline over the past week. On Tuesday, the second-largest cryptocurrency reached a 24-hour high of $1,619.11.
Crypto research firm K33 indicated that current market sentiment resembles “the late-stage bear market from 2015 to 2019,” with “a prolonged period of weak momentum” causing the fear and greed index to drop to a nine-month low. K33 also highlighted the anticipated sell-side pressure from FTX’s assets, which include $560 million in BTC, $192 million in ETH, and $1.16 billion in SOL. Additionally, sell-side pressure is expected from Mt. Gox trustees and US Silk Road Bitcoins.
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FTX, which filed for bankruptcy in November 2022, may receive court approval on Wednesday to liquidate its $3.4 billion in crypto assets. Some analysts believe that the current sell-off in anticipation of the liquidation is an overreaction.
Greg Moritz, co-founder and COO of crypto hedge fund Alt Tab Capital, stated, “FTX, aiming to secure the highest price for its assets, will likely conduct the liquidation in a systematic and logical manner that mitigates the impact on market pricing.” He further noted that the actual effect of FTX’s expected liquidation on the crypto market will be minimal and gradual.
In the meantime, all of the top ten non-stablecoin cryptocurrencies recorded gains in the past 24 hours, with Toncoin leading the way, rising 12.49% to $1.84 and 3.73% for the week. Toncoin serves as the native token of the Open Network (TONNE), a decentralized blockchain network established by the Telegram messaging platform. TONNE has appreciated by 30% over the last month and is set to present alongside Telegram at the Token2049 event in Singapore on “Transforming Telegram to Web3 with Toncoin.”
The total crypto market capitalization increased by 2.54% in the last 24 hours to $1.03 trillion, with trading volume rising by 9.22% to $35.33 billion.
The post Bitcoin Rebounds to Near $26,000 Amidst Crypto Market Volatility appeared first on BitcoinWorld.
