Bitcoin (BTC) has had a significant increase in value in recent days, nearing the price range before the FTX crisis. On January 14, BTC continued to rise by 25% and reached a value of $21,258, the highest so far in 2023. The market appears to be ignoring potential risks and the crypto market overall is also seeing gains, with Ethereum (ETH) nearing $1,600 and Solana (SOL) increasing by 35% to $22.45. There have also been a large number of derivative orders liquidated in the past 12 hours, primarily in BTC and ETH.
Bitcoin (BTC) has seen significant growth in recent days, approaching the prices it was at before the FTX crisis. On January 14th, BTC continued to rise with a recovery momentum of 25%. Starting at $16,943 on January 8th, the coin gradually increased as the market awaited the US CPI news on January 12th. When the results were released, BTC seemed to be unloaded and temporarily ignored potential future risks, such as the situations with Gemini, Genesis, and DCG, as well as the Fed’s adjusted interest rates in early February. This resulted in an average increase of $1,000 per day. By January 14th, the cryptocurrency had reached a value of $21,258, the highest it has been in 2023 so far, and the highest since November 6, 2022 when Binance CEO Changpeng Zhao made unexpected announcements about FTT, causing the FTX crisis. The daily chart shows that BTC has quickly regained its losses similar to the speed at which it was lost during the FTX crash. The crypto market is also currently in a positive state, with many altcoins recording gains of over 10% in the past 24 hours. Ethereum (ETH) has risen to almost $1,600, approaching the prices it was at before the FTX crisis. Solana (SOL) has increased by more than 35% to $22.45, nearly triple its value since its $8 bottom in late December. SOL has been one of the hardest hit coins from FTX as it has long been tied to this exchange and the Alameda fund. In the last 12 hours, over $500 million worth of derivative orders have been liquidated, with a majority in BTC and ETH, and short orders accounting for nearly 93%.