Everything from Bitcoin to smaller and sometimes lesser-known tokens — so-called altcoins — pushed higher, snapping a prolonged period of pain that contributed to a more than $1 trillion drop in crypto market value this year.
Just how long the rebound will last is anyone’s guess after tough-to-stomach losses in the crypto space over the past month. Many have welcomed the wring-out of excesses and sky-high speculation. Crypto started sliding late last year on expectations of a less accommodative Fed, with rising interest rates hurting the industry and its prospects.Last month’s collapse of the Terra blockchain and the recent decision by crypto lender Celsius Network Ltd. to halt withdrawals have also taken a toll, while a tweet this week from the co-founder of crypto hedge fund Three Arrows Capital fueled speculation that it had suffered large losses., according to researcher Glassnode.