Latest on FTX: What You Need to Know

FTX Situation

After recording its lowest dip in 2 years earlier this week, Bitcoin seems to be making a comeback in time for thanksgiving celebrations. 

On Tuesday, BTC traded at $15,656 — its lowest price since November 2020. However, considering the storm of FTX’s high-profile bankruptcy and regulatory pressure alongside short selling, it’s no surprise the crypto giant dipped so low.

But, on Wednesday morning, the world’s leading crypto had clawed its way back above $16,000 and seemed to be rallying upwards. It was just Bitcoin, though. Other major cryptos have also been on an upswing taking the global cryptocurrency market cap up to $862 billion, which is 5.9% higher than Tuesday.

Ethereum rose 7% rate to $1,163.91. At the same time, Dogecoin saw a 10% price boost to $0.08176.

ETH may not be in the clear yet, though, as the crypto took some significant hits after the famed FTX hacker exchanged a huge sum of ETH for BTC. There’s also the fact that Rockstar Games has banned cryptocurrency and NFTs from the Grand Theft Auto fan servers.

Generally, the entire cryptocurrency industry is still unstable and feeling the aftershock of FTX’s tragic collapse, and many are wary of how regulators will respond to the situation.