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After A Turbulent 2022, Why Is Bitcoin Up 28% This Month?

The price of the largest digital token in the world, Bitcoin, has increased by almost 28% since the beginning of January, signaling a promising start to 2023.

For the first time since November 7, the price of one bitcoin surpassed $21,000 on Saturday.

It still falls well short of the $68,990 record high that bitcoin achieved in November 2021. But it has offered market participants some reason for hope.

The month-to-date bounce comes on the wake of a bleak 2022 that saw significant scandals and insolvencies in the cryptocurrency sector, including the demise of FTX, as well as a dramatic decline in the market as a whole due to central bank actions.

Analysts claim that a number of variables, including a higher likelihood of interest rates being lowered, are to blame for bitcoin’s New Year’s gain.

Source (CNBC)

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