Cryptocurrency market cap exceeded $1 trillion after months. bitcoin, hit a new high of $21,325 on Sunday and surpassed $21,000 for the first time since Nov. It also managed to maintain its support level despite the bankrupt cryptocurrency exchange FTX.
Cryptocurrency market cap is $1.02 trillion
According to CoinGecko data cryptocurrency market Monday $1.02 trillion watched around. The combined market cap of all cryptocurrencies has crossed the $1 trillion threshold for the first time since the beginning of November.
The recent rise in Bitcoin value is linked to the rise in stocks. Investment experts show the S&P 500 is up 4.6 percent in 2023, with more data showing that the crisis of hyperinflation has been overcome. OANDA analyst Craig Erlam said that despite the current risks, “cryptocurrencies are the biggest winners.”
The founder of crypto exchange Thodex is being extradited to Turkey!
The extradition request to Turkey for Thodex founder Faruk Fatih Özer has been approved. The decision taken on 17 November was justified in the Court of Appeal.
Although Craig Erlam expressed his hope for Bitcoin, he did not forget to warn investors. He reported that it remains unclear whether cryptocurrencies are a real bullish or just a brief recovery.
Bitcoin reached its historic high of $65,000 in November 2021, while the total crypto market was just over $3 trillion. But they depreciated and disappeared from the market in 2022 when the US Federal Reserve implemented several rate hikes.
Additionally, trust in the crypto industry has been broken as several major crypto companies have gone bankrupt. Despite its recent rise, Bitcoin has lost 51 percent compared to the same period in 2022. JPMorgan Chase analysts said that investors should approach with caution against the uncertainty of the crypto market.
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