Demonstrating resilience in the crypto market, bitcoin (BTC) bounced back from its losses earlier in the week with a 4.7% rise, reaching and surpassing $37,400 on Wednesday.
The market reacted to the unexpected exit of Changpeng ‘CZ’ Zhao from Binance, the largest global cryptocurrency exchange, following a settlement related to charges of money laundering and bank fraud by US authorities.
The news initially led to a withdrawal of some traders, apprehensive of potential market instability reminiscent of the turmoil during FTX’s collapse.
Nonetheless, the market soon stabilized, restoring bitcoin’s value to its previous level.
In today’s quieter trading session, coinciding with the US Thanksgiving holiday, the BTC/USDT pair saw a slight dip to $37,390. Ethereum (ETH) experienced an even stronger recovery than Bitcoin, climbing over 6.7% on Wednesday, offsetting its 4.4% fall on Tuesday.
Currently, the ETH/USDT pair trades at $2,067.
While major altcoins rallied overnight, they remain mostly down on a weekly basis.
Solana (SOL) and Avalanche (AVAX) have seen double-digit decreases, whereas Ripple (XRP), Dogecoin (DOGE), and Cardano (ADA) have maintained single-digit losses.
Despite CZ’s departure, Binance’s BNB coin has kept its decline under 10%.
The global cryptocurrency market capitalization grew by 2.6% overnight to $1.42 trillion, with Bitcoin’s market dominance at 52.6%.
