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Crypto Today: Risk appetite; Bitzlato bust; FTX funds

Risk appetite; Bizlato bust; FTX funds.
| Cryptopress
Last updated: January 20, 2023

CryptoPress

Risk appetite returns

The price of bitcoin has risen by almost a third since the beginning of the year, leading to speculation that the prolonged ‘crypto winter’ is finally beginning to thaw. Short sellers lost hundreds of millions of dollars in the space of just a few days, according to a report from crypto investment service BitStacker. The gains come amid easing inflation and signs that the US Federal Reserve will slow interest rate rises over the coming months, leading to improved sentiment and an increased appetite for riskier assets like cryptocurrencies.

Bitzlato bust

Binance was the top receiver of bitcoin from a little-known crypto platform shut down by US authorities, who say it laundered $700 million worth of criminals’ ill-gotten gains. The Justice Department described Bitzlato as a “China-based money-laundering engine that fueled a high-tech axis of cryptocrime,” in a press conference Wednesday. Police arrested Anatoly Legkodymov, Bitzlato’s Russian founder and majority shareholder, in Miami on Tuesday, on charges that the exchange helped to hide money for drug dealers and illegal gamblers.

FTX recovers funds rally

Major coins traded in the green Thursday evening following news that FTX is exploring the possibility of restarting the bankrupt crypto exchange. Ethereum (CRYPTO: ETH) was up 1.83% at $1,550 and Dogecoin (CRYPTO: DOGE) rose 0.85% to $0.081. “The crypto space is getting cleaned up and as long as we don’t see a major reputable exchange go under, traders may mostly shrug off news of the demise of smaller crypto companies” said Ed Moya, a senior market analyst with OANDA, in a note seen by Benzinga. 

Cover: Crypto Vectors by Vecteezy

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