The value of the cryptocurrency market crossed the one trillion dollar mark
Despite the fall in the value of the cryptocurrency in recent months, as well as the increase in economic problems, the value of the crypto market has crossed the $1 trillion mark. The new data shows that the trading volume of pessimistic traders has not increased at the moment, and this is a good sign.
According to Cointelegraph, the price of Bitcoin grew by eight percent last week and reached a balance near $23,100. A week before Bitcoin hit $23,100, we saw the bankruptcy of Genesis Global Capital. Apparently, contrary to expectations, this incident has not been able to have a significant negative impact on the crypto market.
Meanwhile, crypto market analysts are concerned about Genesis Global Capital’s biggest creditor, Digital Currency Group. As a result of Genesis’ bankruptcy, Grayscale’s financial resources may also be at risk. Grayscale currently has over $14 billion in Bitcoin positions.
A US court will hear Grayscale’s lawsuit against the US Securities and Exchange Commission next month. This court may affect the crypto market.
Following the issuance of an arrest warrant for the owner of the Bithumb exchange in South Korea, the crypto market was temporarily shocked, but this situation did not last. A court in South Korea accused the owner and two executives of Bithumb of conducting illegal transactions through cryptocurrency.
The seven percent growth of the crypto market value was halted by a 0.3 percent drop in the price of Ether. In the same period of time, 11 out of 80 altcoins in the market grew by 18%. The growth rate of some of these altcoins was even higher.
Aptos value increased by 91%, Fantom value by 50% and Optimism value by 21%.