Bitcoin Prices Retain Bulk Of Gains After Climbing To 5-Month High

Bitcoin prices have been showing strength of late, managing to hold on to most of their recent gains after hitting their highest value since August over the weekend.

The world’s most valuable digital currency by market capitalization, which has generated countless headlines since it was born more than 13 years ago, reached $23,167.00 today, according to TradingView data.

At this point, it is only slightly down from a multi-month high of near $23,300 that it hit on Saturday, when it was trading at its highest since around August 19 on TradingView.

Hitting the aforementioned intraday high, the cryptocurrency is up roughly 40% since the start of the year and close to 50% since dipping below $15,500 on TradingView in November.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

After trading within a reasonably tight range for several weeks, bitcoin prices have taken off, rising from roughly $16,500 earlier this year to their recent five-month high, before retaining most of these latest gains.

The digital asset has managed to show this strength in the face of continued difficulties within the industry as the FTX saga continues and crypto lender Genesis Global Capital, LLC archived for Chapter 11 bankruptcy protection on January 19.

The organization’s holding company, Genesis Global Holdco, LLC, Announced this move in a press release, where it stated that it had taken this approach to “maximize value for all customers and stakeholders and strengthen its business for the future.”

Both Genesis Global Capital, LLC and Genesis Global Holdco, LLC exist under the umbrella of cryptocurrency company Digital Currency Group.

Genesis Global Capital, which was programmed Having its first bankruptcy hearing today, according to court documents, has generated significant visibility of late about claims that it owes clients of the Gemini cryptocurrency exchange $900 million, a matter that financial time reported last month.

This financial dispute came as a result of Gemini’s partnership with Genesis for the exchange’s Earn program, in which participants can lend certain cryptocurrencies and receive rewards.

By participating in this offer, participants may To win an APY greater than 8%.

cameron winklevossco-founder and chairman of Gemini, recently threatened to take legal action against Digital Currency Group and its CEO, Barry Silbert, to resolve this dispute.

This development generated major headlines after troubled exchange FTX announced in November that it was presentation for bankruptcy protection.

the company had been valued in up to $32 billion in a funding round that took place early last year.

However, in November, Sequoia Capital, a well-known venture capital firm that has previously invested in giants like Google LLC and Apple Inc., marked the value of your investment in FTX to zero.

All of these developments took place during a period that many have dubbed the “Crypto Winter,” during which many digital currencies have been trading significantly lower from their all-time highs and startups in the space have suffered from reduced funding opportunities. .

The bitcoin price, for example, has fallen from north of $60,000 at the end of 2021 to about $15,500 in November 2022 on TradingView.

Despite this, it’s worth keeping in mind that the digital currency traded for less than the aforementioned value of $15,500 for much of its existence, rising to this price in 2017 as the wider cryptocurrency market experienced some impressive earnings.

Even after the recent lows Bitcoin hit in November, it was still substantially above what it was worth by some points. less than $0.01 in its early days.

Between 2011 and 2021, the digital currency outperformed many other asset classes, generating annualized returns of more than 230%according to an analysis by Charlie Bilello, chief market strategist at independent wealth advisory firm Creative Planning.

Disclosure: I have some bitcoin, bitcoin cash, litecoin, ether, EOS, and sol.


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