- Bitcoin price topped $18,000 on Thursday after a month of decline. In 2022, it lost more than 65 percent.
- Other digital currencies were boosted by the jump in Bitcoin prices. Ether, the second largest crypto, was up 5 percent (up to $1,398) while Binance’s BNB token was up 3 percent (283).
- FTX’s bankruptcy proceeding advances.
The price of Bitcoin, the world’s largest cryptocurrency by transaction volume, topped $18,000 on Thursday for the first time in a month. This is a rise of more than 5 percent in just 24 hours.
The rise in Bitcoin’s price comes as lawyers for bankrupt exchange FTX said they had found some $5 billion in “liquid” assets, including cash and cryptocurrencies.
The details were shared as part of the hearings that are being carried out for the legal process of requesting bankruptcy of the ill-fated crypto exchange that left millions of people affected.
The increase in the price of Bitcoin, according to some analysts, is related to the fact that the market is betting that there has been a cooling of inflation in the United States, data that will be known this Thursday, January 12.
Year-on-year inflation in the United States is expected to be around 6.5 percent, comparing December 2022 to the same month in 2021, a high value, but lower than the 7.1 percent in November and far from the maximum of 9.1 percent in June.
The price of Bitcoin and what about FTX
FTX’s lawyers, in addition to saying that they had found the 5 billion in cash and other “liquid” assetsthey also expressed the willingness to sell hundreds of shares in other investments for a value of around 4,600 million, which would total more than 9,000 million dollars.
FTX attorneys also told the judge in the bankruptcy case that the full amount owed to the nearly 9 million customers of the exchange is still “unclear”.
According to wsjThey also said that the company’s new managers are “building financial statements from scratch” and that the company is “on track with its plan to monetize over 300 other non-strategic investments, worth over $4.6 billion.”
The ill-fated company had no reliable financial records and lacked the usual corporate controls when it was controlled by its founder, Sam Bankman-Fried, now under house arrest.
One of the lawyers also said at the hearing that they are discussing a “reboot” of some of the exchange’s affiliates and that it could “unlock incredible value” for some customers if this is done.
Now read:
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