Crypto

Bitcoin breaks $23,000 at its highest level since last September – CNET

BitcoinBTCUSD,
+4.00%
surpassed $23,000 on Saturday, the highest level since September, as the cryptocurrency market recovered slightly in early 2023.

The rally came despite news on Thursday that Genesis Global Capital has filed for Chapter 11 bankruptcy protection. Genesis is owned by Digital Currency Group. The company has been dealing with the fallout from the collapse of cryptocurrency hedge fund Three Arrows Capital last spring and, more recently, cryptocurrency exchange FTX.

See also: Bitcoin just recovered from the FTX explosion. Could the Genesis bankruptcy push it to a new low?

Bitcoin is up 12% in the last seven days and 35% in a year. ether ETHE,
+8.84%
jumped 13% in the last week and 38% since December 31st.

Cryptocurrency-related stocks also benefited from Friday’s rally: Coinbase COIN exchange,
+11.61%
grew while bitcoin miner Marathon Digital Holdings MARA,
+9.95%
also jumped.

However, some traders were skeptical about the rally.

“Bitcoin appears to be trading again with Nasdaq and risk assets after the last few months of the split,” Sylvia Jablonsky, CEO and chief investment officer of Defiance ETF, told CNBC on Friday.

“This is good news for crypto investors, as if inflation comes down and the Fed is closer to the end than the beginning of the tightening of the economy, risky assets will get a breath of fresh air and could attract investors again.”

Edward Moya, senior market analyst at Oanda, said in a Friday note that if there is a further increase in Federal Reserve interest rates after the March Fed meeting, “risk assets in general, including crypto, could be vulnerable to significant selling pressure.”

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