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Left for Dead Crypto Names Roar Higher as Bitcoin Bounces
Bitcoin has put together its first sustained rally since the FTX collapse in early November.
Updated Jan 13, 2023, 8:36 p.m. Published Jan 13, 2023, 8:17 p.m.
With nearly the entire universe of publicly traded crypto stocks down 70% to 90% or even more in 2022, just a little bit of life in bitcoin this week has led to outsized sector gains.
Trading at $19,370 at press time, bitcoin is up about 13% this week, at its strongest level in the more than two months since the implosion of crypto exchange FTX.
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Among the big movers this week is Coinbase (COIN), up 49%. The crypto exchange has seen a number of sell-side downgrades and price target cuts to begin the year and also faced a credit rating downgrade from Moody's. The company also this week announced a cut of 20% of its workforce. Cathie Wood's ARK Investment, however, has been doing some bottom-fishing, purchasing $7.5 million in Coinbase stock this week and about $28.5 million over the past month.
Thanks to a combination of a low bitcoin price, rising electricity costs, often high debt levels and nearly closed capital markets, bitcoin miners came into 2023 facing an existential crisis. Indeed, Core Scientific (CORZ), one of the largest miners by computing power, already declared bankruptcy and Argo Blockchain (ARBK) barely fended Chapter 11 off after a late-inning bailout from Michael Novogratz's Galaxy Digital (GLXY.TO).
Things were so bad that one of the leading miners – Riot Blockchain – began the year exorcising all ties to crypto from its name, re-branding itself as Riot Platforms (RIOT).
Given those factors, just the modestly good news for bitcoin sent the sector's shares exploding higher. Marathon Digital (MARA) has gained 79% this week, Hut 8 Mining (HUT) added 49% and Bit Digital rose 41%. As for Riot, it's ahead just 27% this week, perhaps punishment for giving up "blockchain" in its name.
Other crypto stocks on the move include MicroStrategy (MSTR), advancing 30% this week, and troubled crypto bank Silvergate Capital (SI) rising 11%.
Read more: Bitcoin Miner Bitfarms Warns of Default, Looks to Amend BlockFi Loan
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Bilinmesi gerekenler:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
Bilinmesi gerekenler:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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