Bitcoin prices have soared more than 50% since last year’s low

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Bitcoin prices have risen sharply over the past few months. (Photo by Nicolas Economou/NurPhoto via… [+] Getty Images)

NurPhoto via Getty Images

Bitcoin prices have seen very compelling gains over the past few months, rising sharply as the cryptocurrency recovers from the steep declines it suffered late last year.

The digital currency, which is the largest in the world by market value, reached $23,950 today on CoinDesk.

At this point, the digital asset had climbed around 53% from the local low of around $15,600 it hit in November and was trading at a new five-month high, the additional numbers show. from CoinDesk.

Moreover, it is up over 40% since the start of this year, when bitcoin was valued at nearly $16,500.

[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.]

Even before these latest gains, Goldman Sachs had proclaimed bitcoin the best performing asset of 2023 after conducting analysis earlier this month.

The digital currency has seen these significant gains despite continued difficulties in the cryptocurrency and blockchain space, which has been rocked by difficult and high-visibility events like the collapse of struggling exchange FTX and news regarding the upcoming trial of its founder and former CEO, Sam Bankman-Fried.

The price of bitcoin crashed in early November as digital currency markets reacted to news that rival exchange Binance, which had considered buying FTX, would not make the potential purchase, CoinDesk reported.

On Nov. 9, the digital currency fell to $15,625, its lowest point in nearly two years, according to the aforementioned CoinDesk article, which cites numbers from news sites specific to the Bitcoin Price Index. .

Since then, the value of the cryptocurrency has risen, although global market participants have received more information about the implications of FTX’s collapse, including news that the exchange, along with its company mother and numerous other affiliated businesses, were filing for Chapter 11 bankruptcy protection.

Additionally, bitcoin prices have surged even as global investors learn more about the number of companies in the industry that had exposure to FTX when the company filed for bankruptcy protection.

Several major players in the crypto space, including digital currency exchanges Binance and Coinbase, have disclosed their exposure to FTX so far, Reuters reported earlier this year.

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

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