Bitcoin Surges Past $20K, Erasing Post-FTX Losses

The price of Bitcoin has jumped by more than 17% in the last seven days.

2 min read

Jan 14, 2023

The cryptocurrency market continued its rally on Friday as Bitcoin hit a high of just over $20,000 per coin.

Bitcoin hasn’t been priced this high since early November, according to data from CoinGecko, before the spectacular collapse of FTX.

The broader crypto market is also showing signs of life as the total market capitalization of the industry currently stands at $979 billion, an increase of 3.8% in the last 24 hours. More than $72 billion in crypto has been traded in the last day, according to CoinGecko.

The price of BTC began to climb earlier this week in anticipation of the release of the Federal Reserve's December Consumer Price Index report. Bitcoin started the week trading at $17,207 on Monday and has continued an upward trajectory ever since. The CPI report met market expectations and showed that inflation in the U.S. economy is indeed slowing.

The report was welcomed news for both traditional and crypto investors. But it also comes at a time when there is a renewed focus on crypto in Washington, D.C. The collapse of FTX in November has lawmakers on high alert. FTX founder and former CEO Sam Bankman-Fried was arrested last month and charged with eight crimes, including wire fraud and campaign finance violations.

The SEC has also increased its scrutiny of the crypto market as of late, bringing fresh charges against major players. 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. U.S. House Republicans also announced plans yesterday for a subcommittee dedicated to cryptocurrency, Politico reported.

While Bitcoin's upward moves have many on Crypto Twitter celebrating, $20,000 is still 71% lower than Bitcoin's previous all-time high of just over $69,000.

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Get crypto news straight to your inbox--

sign up for the Decrypt Daily below. (It’s free).

Get Email!

United States of Bitcoin? These States Are Considering BTC Reserves

Donald Trump and his political allies are plugging away at plans to stockpile Bitcoin at a national level in the U.S. Treasury. And now, with the asset’s price repeatedly soaring to new peaks since Election Day, some U.S. states are following suit. So far, three states are fielding proposals to establish strategic Bitcoin reserves, while digital asset advocates are calling for other local governments to do the same. Bitcoin Strategic Reserve Is Now on the Table—Here's How It Could Work Here'...

AI Won’t Tell You How to Build a Bomb—Unless You Say It’s a 'b0mB'

Remember when we thought AI security was all about sophisticated cyber-defenses and complex neural architectures? Well, Anthropic's latest research shows how today’s advanced AI hacking techniques can be executed by a child in kindergarten. Anthropic—which likes to rattle AI doorknobs to find vulnerabilities to later be able to counter them—found a hole it calls a “Best-of-N (BoN)” jailbreak. It works by creating variations of forbidden queries that technically mean the same thing, but are expre...

Elon Musk and Dogecoin: How the Billionaire Became the 'Dogefather'

As Dogecoin makes a comeback off the back of Bitcoin’s surge, some may be pondering: Where did the asset come from? What’s it for? And what’s Tesla CEO Elon Musk got to do with it? The original meme coin’s boom largely has the world’s richest man to thank. Musk’s obsession with shitposting helped boost the coin to a top 10 cryptocurrency. It’s been a wacky ride over the past few years, culminating in Musk's appointment to co-lead a government agency called D.O.G.E.—yes, really. But we'll explai...

News

Courses

Deep Dives

Coins

Videos