On Jan. 1, bitcoin began trading at just over $16,500. On Wednesday, it was hovering around the $25,000 mark, thanks to a rally that began on Sunday.
Highlights
- Bitcoin is up 50% this year despite collapse of major crypto-focused banks, beating major stock indexes and commodities.
- On Jan.
- 1, bitcoin began trading at just over $16,500.
- On Wednesday, it was hovering around the $25,000 mark, thanks to a rally that began on Sunday.
- Industry insiders said the bank collapses have sent investors looking for alternatives to the traditional banking system and there is also anticipation of a slowdown in interest rate rises, which is helping bitcoin.
- The surge in price this year comes after bitcoin crashed 65% in 2022 after major collapses of projects and hedge funds, bankruptcies and the failure of FTX, one of the biggest cryptocurrency exchanges.
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