Bitcoin price has reached $21,112 on Monday, January 16, 2023, marking a 27 per cent increase in the past one month. The digital asset has continued to grow in value since the turn of the new year, after a troubling period in 2022.
While bitcoin is still struggling to it previous peak of between $50,000 to $60,000, the rise is good news for investors who kept their faith.
Following the economic downturn of 2022, which saw the tech industry suffer a decline after enjoying huge profits during the pandemic, many crypto owners began selling off their assets. Then came the collapse of FTX, which further cast a shadow over the industry.
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Amidst all these, crypto experts like Binance’s Changpeng Zhao kept trying to hold the crumbling empire together with encouragement, and sometimes, with mockery. His company reaped the benefit of the chaos, growing its bitcoin trading volume to more than 90% of the entire market.
There were also some, like investor Tim Draper, who believed that bitcoin price would further sky rocket in 2023. Although, we are still a long shot away from his $250,000 prediction. Yet, the road to recovery has been spectacular.
However, a history of bitcoin price shows that owners are still not yet where they were six months ago and even farther from their position a year ago.
In related news, republican lawmakers announced a the Subcommittee on Digital Assets, Financial Technology, and Inclusion, which would oversee the crypto and fintech industries under the House Financial Services Committee.
This news could be good or bad, depending on what regulations these committee comes up with in the future. For now, crypto market shapers continue to operate without much government interference.
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