Crypto enthusiasts at a recent Solana “hacker house” event in Austin, Texas. PHOTOGRAPH BY ILANA PANICH-LINSMAN Cover Cryptocurrencies Crypto Is Staging a Major Rebound. How It Survived a $3 Trillion Crash. Bitcoin and other tokens have rebounded while big companies and funds continue to plow capital into cryptocurrencies. By Joe Light Updated May 25, 2023 9:53 am ET / Original May 25, 2023 1:00 am ET Rick Martin should probably be out of work. The 33-year-old entrepreneur co-founded a crypto start-up called Decaf in early 2022, diving into the industry just before a $3 trillion bubble burst, ushering in bankruptcies across the crypto world. Today, he is still plugging away, among many others in crypto. At a “hacker house” event in Austin, Texas, Martin mingled with dozens of other enthusiasts, all talking excitedly about their apps. “This technology is superfast, supercheap, and I think it’s ready to replace financial infrastructure,” he said. On the face of it, crypto should be on life support. Fourteen years since its launch, the technology remains an experimental oddity. Meanwhile, trillions of dollars have evaporated in frauds, bankruptcies, and token losses. And trading platforms, including Coinbase Global (ticker: COIN), hang by a regulatory thread as governments try to reel in the crypto casino. Advertisement - Scroll to Continue Yet crypto is proving resilient. Led by a 60% rally in Bitcoin this year, the token market is back to where it was before FTX collapsed in November, worth an estimated $1.1 trillion. Shares of Coinbase are ahead 70% this year, while Bitcoin “miners” like Marathon Digital Holdings (MARA) have surged more than 150%. The Global X Blockchain exchange-traded fund (BKCH), a basket of crypto-related stocks, is up 90%. Venture-capital funding has tightened, but some large investors are staying the course, helping to keep software developers in business. “We don’t in any way feel that the longer-term possibilities of the space are changed by the events of the past year,” says Arianna Simpson, a general partner at venture-capital firm Andreessen Horowitz, which has raised billions to invest in crypto. “We’re open for business.”
I guess the bears were wrong again with their repeat of "This time it's different". Well don't you worry, one of these decades (centuries?) they'll get it right. Even a broken clock manages this...
It's amazing how people spin this. BKCH for example dropped over 90% from its high. Now it is up 90%. So it dropped from 145ish to 13 bucks.(Down $132) Now it is up to 24 a gain of 85%.(Up $11) Still down 80 some % from the highs of 145. There was also no mention of the 80% gain it made from July to Sept last year before it crashed another 65% down to 13 bucks. Let's see it make a new swing high before we get too exited.
Why are we excited? I would prefer to see no rally. I am fine just bleeding out theta on my short-PUTs as is, and would prefer the cheaper spot-values so I can get more value from additional LONG trades/investments at the present time...