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Founder and President of the Chamber of Digital Commerce, Perianne Boring, discusses the state of crypto after the FTX scandal on “The Claman Countdown”.
The new year brought new life to Bitcoin and other cryptocurrencies.
After a dismal 2022, Bitcoin roared out of the starting gate in the first two weeks of the year, gaining 13 of the last 15 days.
The cryptocurrency rose over 24% during this time to hit $20,728. This compares to the last 52 weeks in which bitcoin lost more than 54%.
Bitcoin surpassed $45,000 in early 2022 as the crypto industry began making inroads with politicians and traditional financial institutions.
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Bitcoin has gained in 13 of the last 15 days. (Fernando Gutierrez-Juarez/photo alliance via Getty Images/Getty Images)
The year ended with bitcoin below $17,000.
Keep in mind that bitcoin’s all-time high was $67,802.30, reached in November 2021.
A steady decline in the industry began in May with the collapse of Terra, a so-called stablecoin.
Investors lost tens of billions of dollars and a number of crypto companies faced financial ruin.
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Other companies have since declared bankruptcy, the most significant being the collapse of FTX and the arrest of company founder Sam Bankman-Fried.
Sam Bankman-Fried leaves federal court in New York on Thursday, Dec. 22, 2022. The former CEO of FTX and Alameda was released on $250 million bail. (Charles Guérin/Abaca for Fox News Digital/Fox News)
Traditional markets also fared well, with equities finishing last week with the best weekly performance in two months as earnings season kicked off and inflation numbers eased.
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Year-to-date, the S&P is up 4% and the Nasdaq has gained almost 6%.
Ether, the coin tied to the Ethereum blockchain network, is at $1,583, a gain of almost 23% over the past week.
Even the smaller dogecoin is up over 20% in the past week to 8 cents.
The Associated Press contributed to this report.
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