Bitcoin is up 50% this year despite the collapse of major crypto-focused banks, beating major stock indexes and commodities, CNBC reports.
On Jan. 1, bitcoin began trading at just over $16,500. On Wednesday, it was hovering around the $25,000 mark, thanks to a rally that began on Sunday.
The surge in price this year comes after bitcoin crashed 65% in 2022 after a number of major collapses of projects and hedge funds, bankruptcies, liquidity issues and the failure of FTX, one of the world’s biggest cryptocurrency exchanges.
The recent rise has come as somewhat of a surprise, given the closure of Silvergate Capital and Signature Bank, two of the biggest lenders to the crypto industry. And Silicon Valley Bank, viewed as the backbone of the technology startup industry, also failed.
Read full article on CNBC.com.