Bitcoin (BTC-USD) has gradually clawed its way back to $42,000 levels with a gain of over 6% over the past five days. Ethereum (ETH-USD) is also up 1.6% during this period to $2,200. Sam-Bankman Fried’s now bankrupt FTX is selling its crypto assets to raise cash and repay customers, according to Bloomberg. Reportedly, the firm’s cash pile now stands at nearly $4.4 billion as it looks to repay customers. However, FTX does not expect to repay its customers, who have been sitting on frozen accounts since 2022, in full.
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In another development, Parataxis hedge fund generated returns of nearly 340% last year amid a gravity-defying rally across major cryptocurrencies. According to Bloomberg, Parataxis’ bets on Bitcoin just as regional banks went bust last year and in Solana after the implosion at FTX in late 2022 paid off handsomely.
Meanwhile, a rising number of U.S. senators are turning pro-crypto. According to Stand with Crypto (a nonprofit), at least 18 senators now support the once-shunned cryptocurrency space. Still, about 30 senators firmly oppose it. While crypto is finally going mainstream with nearly a dozen spot BTC ETFs and further ETH ETFs in the wings, the crypto world continues to throw cautionary tales for both the novice and the experienced.
In other news, Su Zhu, the co-founder of failed crypto fund Three Arrows Capital, said he had, “The best sleep of his life” while serving time in a prison in Singapore. Three Arrows went belly up in 2022 after defaulting on a loan from Voyager Capital. For now, Bitcoin continues to trade in a choppy zone, and it could be a while before it rises above its early January highs.
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