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After FTX, Bitcoin is prepared for the next part of its journey.

Sam Bankman-Fried has been found to have committed fraud and could go to prison for a very long time. His trial is finished. He used to be the founder and CEO of FTX.

In November, FTX’s failure caused a big problem for the cryptocurrency industry. Many customer’s money was at risk and regulators were trying to make it difficult for the industry to survive. A year from now, there is a good chance that FTX’s estate will give back 90% of the money to their customers. Bitcoin is now worth more than $35,000, up from a low of $15,625 last year.

Bitcoin is growing because of its potential usefulness, and also because of the introduction of an ETF (exchange-traded fund).

Bitcoin quickly recovered from the fear of a wider crypto problem and went back to its previous value before the collapse.

On January 18,bitcoin had gained back all the value it lost from FTX.

Macro economics and the increasing use of utility applications on the Bitcoin blockchain both helped Bitcoin to recover quickly.

“The high price of Bitcoin, whether it’s 200k or 400k, will not just be because people are guessing about it. It will be because people believe in the usefulness of Bitcoin,” said Jason Fang, the leader of Sora Ventures.

Fang, who invests in apps for bitcoin, thinks that bitcoin’s technology will be the main reason why its value will go up in the future.

He says one advantage is that it’s not controlled by one central authority.

It’s unclear how decentralized Ethereum and other major platforms like Solana really are, because they rely a lot on cloud services like Amazon’s AWS. Like Fang said, both – and other layer-1s – depend on their foundations to develop the technology. This is a big problem if they have problems.

“They focus on technology and getting money from one place. ” If someone doesn’t succeed, they will be in trouble. Bitcoin is supported by miners who are motivated to help the network because they get paid for it.

“This helps them make more money in their business. ” Bitcoin’s direction is special and not based on being able to work with Ethereum, which makes its story stronger.

But ether and sol have been doing well in their performance over the last year.

Ether increased by 17% compared to last year, while sol increased by 26%. Bitcoin has increased by 70%. This is because the market is expecting an ETF and action from the Fed, as explained by Lucy Hu from Metalpha.

She said that the price of Bitcoin in the near future will depend on the approval of ETFs, a possible rate cut by the Fed, positive feelings from big investors like Microstrategy, and the halving event happening next year.

Many people believe that bitcoin ETFs will probably be approved by January 2024. Big companies like BlackRock and Fidelity are getting ready to offer them.

Strong end to the year for trading activity.

A type of investment fund that might be approved soon has gotten the interest of big companies and traders.

The amount of cryptocurrency being traded was low for most of the year, and the company Coinbase, which is listed on the stock market, didn’t make as much money as expected.

In September, the trading of digital currencies reached its lowest level in 4. 5 years

In late October, things changed when the ETF story started to get attention and the market improved, even though Coinbase had reported weak transaction numbers at the beginning of the month. Trading amounts increased a lot.

At the end of the month, crypto investment funds got a lot of money – $326 million. This is the biggest amount they received in 15 months. This information comes from CoinShares.

Bitcoin has shown that it is strong, especially after the FTX collapse. It didn’t lose all its value, proving that it’s not a fraudulent system. “It’s not going anywhere,” Fang said.

On the other hand, a lot of the top 20 tokens are still very new and haven’t experienced a significant drop in prices yet. Bitcoin is expected to keep going for a long time, even when the economy is not doing well.

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