Crypto Weekly: back with a bonk

STORY: From why there’s a new meme coin in town, to a surprising statement by Sam Bankman-Fried, we round up the week’s big stories in the world of virtual cash.

Bitcoin has roared back to life.

The top cryptocurrency is up around a quarter so far in January.

Trading volumes on major exchanges also leapt close to two-month highs.

What drove the surge is unclear, but some market-watchers put it down to optimism that inflation has peaked and rates could be coming down again.

The revived risk appetite gave a lift to less well-known tokens, including ‘bonk’.

It was launched at the end of December, and had rocketed 5,000% by early this month.

Other so-called meme coins also rallied, with dogecoin and Shiba Inu enjoying big gains.

Former FTX boss Sam Bankman-Fried has pleaded not guilty – in a blog post.

He took to Substack to explain his version of why the crypto exchange went under.

SBF says he didn’t steal a dime, and was just a victim of “extreme” market moves.

It’s rare for a defendant in a U.S. criminal case to say anything in public...

lawyers advise clients against it because prosecutors may use their comments against them in court.

And Singapore-based is the latest big player to say it’s slashing jobs.

The firm says about 20% of posts will go.

It blamed sector-wide challenges brought on by the FTX collapse.