The value of bitcoin exceeded the threshold of $66,895 in October for the first time in history.
Chesnot | Getty Images
The price of bitcoin got a small relief bounce this week as investors hoped that the worst of the crypto liquidity crisis is over.
By Friday, bitcoin had risen about 11% for the week and is on pace for its best week since October, according to Coin Metrics. The price rose as high as $22,478.37 at one point, climbing back from a low of about $17,000 in June.
It last traded more than 1% higher on the day at $21,903.00, around 11:30 a.m. ET, according to CoinMetrics.
“A lot of the insolvencies and forced unwinding from a volume perspective are behind us,” said Felix Hartmann, managing partner of Hartmann Capital. “Three Arrows filing for bankruptcy was kind of the final pin in that.”
Three Arrows, a crypto-focused hedge fund, filed for bankruptcy last week after a sharp decline in digital currency prices exposed a liquidity crisis at the firm.
The market contagion...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...