In November Bitcoin was at 20k. Also in November Bitcoin crashed to 15k in a staggering display. Crypto Bros the world over lost a fortune overnight. In the past few days they’ve made it back as Bitcoin rushed up to 20k and is on the path for it’s peak of 69k. In fact, across the board over the past week you’ll be hard pressed to find a Crypto that hasn’t at least gone over 10% in value. Ethereum itself smashing the ceiling and hitting that vaunted $1500.
What was once deemed a crushing blow in the price of Bitcoin now marks a rebirth of Bitcoin and Crypto. Stock related to Crypto also rose, such as Exchange Coinbase (COIN). Meanwhile bitcoin miner Marathon Digital Holdings (MARA) surged 76%. Alongside traditional stocks rising, it was a good week to be holding assets.
Despite its recent surge, Bitcoin is still 71% away from its all time peak at $69,000.
Total market capitalization of the industry currently stands at $979 billion, an increase of 3.8%. More than $72 billion in crypto has been traded in the last day, according to CoinGecko.
Nicholas Colas, co-founder of the market analysis firm DataTrek Research, wrote in a note that the U.S. Federal Reserve’s policy still matters, but “other issues like China’s reopening, the pace of US economic and corporate earnings growth, and positive real rates will jostle for investors’ attention.”
“None of this guarantees that 2023 will be a good year for risk assets, but it does say it will look a lot more normal’ than last year,” said Colas.
Yesterday, the Commission charged cryptocurrency exchange Gemini and crypto broker Genesis with securities laws violations over an “Earn” program that allowed investors to earn yield on Bitcoin deposits.