Bitcoin Price Tops $23,000, the Highest Since Last September
Bitcoin
BTCUSD,
-0.26%
On Saturday, it soared above $23,000, its highest point since September. This was due to the recovery of some ground by the crypto currency market in early 2023.
The rally was held despite the news that Genesis Global Capital had filed Chapter 11 bankruptcy protection. Digital Currency Group owns Genesis. The company has been affected by the fallout from the collapses at crypto hedge fund Three Arrows Capital last spring, and more recently, at crypto exchange FTX.
Also see: Bitcoin just recovered from FTX’s implosion. Could a Genesis bankruptcy push it to new low?
Bitcoin has increased by 12% in the last seven days and is up 35% year-to-date. Ether
ETHE,
+8.84%
It has risen 13% over the past week, and is up 38% depuis Dec. 31.
The rally Friday also helped crypto-related stocks: Exchange Coinbase
COIN,
+11.61%
rose as Marathon Digital Holdings, a bitcoin miner, was
MARA,
+9.95%
The other was also jumped.
However, traders were skeptical about this rally.
“Bitcoin seems to be trading along with the Nasdaq and risk assets again, after the past months of decoupling,” Sylvia Jablonski (CEO and chief investment officer, Defiance ETFs) told CNBC Friday
“This is good news for crypto investors in that if inflation is falling, and the Fed is closer to the end than the beginning of economic tightening, risk assets will catch a breath of fresh air and perhaps lure investors back in.”
Edward Moya, senior market analyst at Oanda, said in a Friday note that if more Federal Reserve interest rate hikes happen beyond the Fed’s March meeting, “risky assets broadly, including crypto, could be vulnerable to major selling pressure.”
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