Bitcoin breaks $25K for first time since mid-2022

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Shak­ing off a clam­p­down on cryp­to com­pa­nies by reg­u­la­tors over the past sev­er­al weeks, Bit­coin has surged around 9% over the past 24 hours to break $25,000 for the first time since June 2022, accord­ing to Coin­Mar­ket­Cap data.

After more than eight months below the $25,000 mark, the cryp­tocur­ren­cy topped it before slight­ly retreat­ing. The coin was trad­ing at about $24,800 as of mid-day Thursday.

The per­for­mance of the most pop­u­lar cryp­tocur­ren­cy also has lift­ed the sec­ond-lead­ing cryp­tocur­ren­cy, Ether, which was up 8% and hov­er­ing near its high­est point since September—about $1,700.

Chart shows BTC price since Jan. 1, 2023

The rise in Bitcoin’s price could part­ly be due to the rise of Bit­coin NFTs, called Ordi­nals, lead­ing to more activ­i­ty on the blockchain by users not seek­ing just finan­cial trans­ac­tions, accord­ing to a report from blockchain data com­pa­ny Glassnode. The total non-zero bal­ance address­es on the Bit­coin blockchain are also reached at an all-time high of 44 million.

“This is a new and unique moment in Bit­coin his­to­ry, where an inno­va­tion is gen­er­at­ing net­work activ­i­ty with­out a clas­si­cal trans­fer of coin vol­ume for mon­e­tary pur­pos­es,” Glassnode wrote in the report.

The recov­ery in cryp­to mar­kets comes after a pull­back in Feb­ru­ary fol­low­ing a slate of bad news for the industry.

Recent actions by reg­u­la­tors against cryp­to exchange Krak­en and Pax­os have sent shock­waves through­out the ecosys­tem, and had some ques­tion­ing the future of cryp­to com­pa­nies in the U.S.

Mean­while, on Tues­day, January’s con­sumer price index report saw infla­tion increase 0.5% for an annu­al increase of 6.4% to start off 2023. Although that fig­ure is above ana­lysts’ expec­ta­tions, prices had been falling for the past six months, fueled in part by rate hikes from the Fed­er­al Reserve.

Still, while lead­ing econ­o­mists have cau­tioned that 2023 could be a tur­bu­lent year for mar­kets, some on Cryp­to Twit­ter have opti­misti­cal­ly pre­dict­ed an extend­ed ral­ly after Bitcoin’s most recent pump.

Learn how to nav­i­gate and strength­en trust in your busi­ness with The Trust Fac­tor, a week­ly newslet­ter exam­in­ing what lead­ers need to suc­ceed. Sign up here.



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