Bitcoin ( BTC-USD ) is on track to end the week 1% higher ahead of the Christmas weekend, with the top cryptocurrency slightly up on Friday. As the year draws to close, investors remain on the sidelines, staying away from risky bets amid growing fears over the Federal Reserve's rate hike path. In what is widely called the "2022 crypto winter", bitcoin ( BTC-USD ) has been lagging the S&P 500 by a wide margin. After notching a new record of ~$69K in November 2021, it slumped to as low as ~$15.6K this year after the collapse of crypto exchange FTX ( FTT-USD ). According to AFP data , total crypto market cap sank from ~$3T in November 2021 to a little over $8.1B this week. The crypto market cap currently stands at $810.46B, up 0.19% over Thursday, according to CoinMarketCap . "From a financial perspective, 2022 will be remembered as a year where almost all bad things that could happen, did," said Matrixport U.S. CEO Anthony DeMartino . "We still feel confident in the core themes and prospects that got us excited coming out of COVID, but with perhaps a more realistic approach to valuations and opportunities." FTX co-founder Sam Bankman-Fried has now been placed under house arrest after being released on a $250M bail. His associates Caroline Ellison and Gary Wang pled guilty to federal criminal fraud charges . The resulting fallout led to ramped up scrutiny in the industry. Crypto firms are on notice to start operating more like regulated securities companies as SEC chair Gary Gensler said "the runway is getting shorter" to start following rules. Companies that audit crypto firms are also under the SEC scanner as their proof of reserve reports do not establish that an entity has enough assets to cover its liabilities. Meanwhile, Brazil signed a bill to regulate the use of cryptos. The bill recognizes crypto as a payment method and investment, but may not be regarded as legal tender. In company news this week, Core Scientific ( CORZ ) shares sank to as low as 5 cents apiece after the bitcoin miner filed for bankruptcy . But it recovered slightly after it reportedly received court approval for a $37.5M bankruptcy loan. "The miner's shares are poised to rally, which shows investors believe in the restructuring support agreement and are still willing to invest in some distressed parts of the cryptoverse," said OANDA analyst Edward Moya. Bankrupt brokerage Voyager Digital ( OTCPK:VYGVQ ) selected Binance.US's bid for its assets . Binance.US is said to be weighing other opportunities to acquire assets of troubled crypto firms. Bitcoin price Bitcoin ( BTC-USD ) was up 0.1% at $16.81K at 4.37 pm ET, while ether ( ETH-USD ) inched 0.3% higher at $1.22K. Bitcoin ( BTC-USD ) traded in the $16K-$17K range over the past week. SA contributor Ivan Martchev expects the crypto will fall below $10K before the bear market is over, adding he "wouldn't be surprised if it hits its pandemic low of ~$3.9K". Crypto-related stocks that ended in the green on Friday include: Soluna ( SLNH ) +7.7% , Iris Energy ( IREN ) +5.3% , Ebang ( EBON ) +4.2% , Coinbase ( COIN ) +2.6% .
Ethereum’s Pectra Upgrade Goes Live
