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It’s finally Friday! And why is Friday the most awaited day of the week? Because there is CryptoNews Weekly Recap of course.
And it doesn’t get any better than a Recap where we can say that the cryptocurrency market is still green. Are we facing the light at the end of the tunnel? Undoubtedly, 2022 was a tortuous road of misery for investors, savers, and crypto enthusiasts, who saw their illusions (and their savings) shatter with every downturn. However, it seems that 2023 brings a renewed air of optimism and, although only 20 days have passed since the start of the year, experts and novices alike seem to agree that it will be the start of a slow but steady rise.
There are many cases that we can analyze of cryptocurrencies that “come to life” after bleeding to death in 2022. One of them is Litecoin, which hit rock bottom last December and since then has provided a 40% gain. Bitcoin is back on the front pages of all media by breaking the $21,000 barrier, something it hasn’t happened for a few months now, boosting the overall market.
And if we talk about revival, it seems that some cryptocurrency companies that have declared bankruptcy, want to take advantage of the moment of euphoria in the market to return to the arena as if nothing had happened. One of them was Three Arrows Capital, which went bankrupt after the collapse of TERRA, which convinced them they were planning to launch a new Exchange… it was amazing.
Another that seems eager to come back from the dead is FTT, the native token of the bankrupt FTX Exchange, which jumped an incredible 60%. The SBF will be happy with the news, can someone visit him in jail and give it to him?
Back to the hullabaloo moment, the Shiba Inu takes full advantage of the market’s tailwinds and wants to definitively break away from its “memecoin” image. Its creators have been convinced that their idea was to consolidate SHIB as a crypto with real utility in the blockchain, which is why the long-awaited layer 2 network Shibarium was announced. The announcement was very well received by the market and the token is up 14% in just a few hours.
The second largest token on the market, Ethereum, continues to consolidate and gains look to break the critical $1700 barrier. But it will be explained to you much better by our trading experts – check out the analysis!
The Metaverse doesn’t want to be left out of the party that has been going on since the start of the year, and tokens like SAND, MANA, and GALA have seen tremendous growth. Will we finally see the metaverse with real applications in 2023?
Unfortunately not all is rosy this week. The effects of the crash of FTX almost 2 months ago are still being felt and, as we predicted in the previous Summary, it will have a domino effect that will eventually drag many companies down. The latest to fall is Genesis, which officially filed for bankruptcy this Friday.
After all, corporate bankruptcy doesn’t appear to have had a major impact on the market. In fact, Bitcoin has remained stable and it looks likely that we will see more upside in the coming days. Speaking of which, Solana continued to recover and closed the week up 25%. Will SOL return to its former glory?
See you next Friday!
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