We arrived at the most awaited day of the week! Finally it’s Friday! And why is Friday the most anticipated day? Because there is a Weekly Summary of Cryptonews, of course.
And nothing better than a Summary in which we can say that the cryptocurrency market is still green. Will we be before the light at the end of the tunnel? Without a doubt, 2022 was a tortuous path of anguish for investors, savers and crypto enthusiasts, who saw their illusions (and their savings) shattered with each drop. However, it seems that 2023 brought a new air of optimism and, although it has only been 20 days since the start 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 that we could analyze of cryptocurrencies that are “coming back to life” after bleeding out in 2022. One of them is Litecoin, which hit its lows last December and since then has posted a 40% gain. Bitcoin was once again on the front page of all the media by breaking the $21,000 barrier, something that had not happened for several months, boosting the market as a whole.
And if we talk about coming back to life, it seems that several cryptocurrency companies that had filed for bankruptcy want to take advantage of the moment of euphoria in the market to return to business 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… how moral.
Another one that seems to want to come back from the dead is FTT, the native token of the failing exchange FTX, which has skyrocketed an incredible 60%. SBF will be happy about the news, can someone go visit him in jail and give it to him?
Going back to the hype, Shiba Inu is making the most of the market tailwind and wants to break away from the “memecoin” image for good. 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 Shibarium layer 2 network was announced. The announcement was very well received by the market and the token rose 14% in just a few hours.
The second most important token on the market, Ethereum, continues to consolidate and the bulls are looking to break the critical barrier of $1,700. But that will 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 taking place since the beginning of the year, and tokens such as SAND, MANA and GALA have had an incredible increase. Will we finally see a metaverse with real applications in 2023?
Unfortunately not everything has been rosy this week. The effects of the FTX crash almost 2 months ago are still being felt and, as we had predicted in previous Digests, this would cause a ripple effect that would drag down many companies over time. The last to fall has been Genesis, which this Friday officially presented its bankruptcy.
In any case, the bankruptcy of the company does not seem to have had a big effect on the market. In fact, Bitcoin is holding steady and it looks like we will see more gains in the coming days. By the way, Solana continues to recover and closed the week with a 25% increase. Will SOL return to its splendor?
See you next Friday!
