Crypto Market Crosses $1 Trillion For First Time In Months As Bitcoin Recovers From FTX-Driven Crash

Bitcoin hit a two-month high over the weekend as crypto continues to rebound from a crash following the stunning collapse of industry titans FTX and Alameda Research, though looming macroeconomic concerns may soon eat into crypto’s gains.

Crypto is the “biggest winner” during the current “boost in risk appetite,” OANDA analyst Craig Erlam wrote in a Monday note, cautioning it remains unclear if this is a true “resurgence or just a brief rebound.”

Bitcoin peaked at over $65,000 in November 2021, while the total crypto market peaked at just over $3 trillion at the same time. Digital assets cratered in value in 2022 during a broader downturn caused by several interest rate hikes from the Fed, causing investors to largely turn their back on risk-sensitive assets, and a breakdown in trust in the crypto industry as several major crypto players went bankrupt. Despite its recent spike, Bitcoin is still down 51% from this point in 2022.

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