Crypto isn't dead: Bitcoin breaks $30,000 for the first time in nearly a year

[Shawn Knight]

In brief: The roller coaster ride that is Bitcoin is very much alive and well. Following a rough 2022 that saw the virtual currency shed more than $31,000 in value from the beginning of January through the end of December, the polarizing cryptocurrency is back on the upswing.

Bitcoin entered 2023 trading at $16,605.10 – an impressive figure in the grand scheme of things but far less than the 47K and change a single coin was commanding just one year earlier. Its price has been on a mostly steady upward trend ever since save for a couple of minor dips.

As of writing, Bitcoin is trading at $30,178.30 which represents an increase of nearly 82 percent since the beginning of the year. It is the highest price Bitcoin has hit since June 2022.

Bitcoin reached its all time peak in November 2021 when a single coin could net you nearly $67,000.

As is often the case, other cryptocurrencies have mirrored Bitcoin's path. Ethereum was trading around $1,200 at the start of the year but is now up to $1,915, a gain of nearly 60 percent year-to-date. Binance Coin is up about 33 percent so far this year, as is Litecoin.

Some believe the latest crypto rally is related to last month's Silicon Valley Bank collapse and the resulting fallout. Bradley Duke, co CEO of crypto exchange-traded product provider ETC Group, told Bloomberg that some investors are drawn to crypto because they view it as an asset outside of traditional banking and finance.

Business intelligence and mobile software firm MicroStrategy has continued to invest heavily in Bitcoin. Late last month, the company revealed it had purchased roughly 6,455 Bitcoins over the trailing several weeks at an average price of $23,238 per coin. As of March 23, MicroStrategy and its subsidiaries were holding 138,955 Bitcoins at an average purchase price of $29,817. At Bitcoin's current value, the stash is worth around $4.2 billion.

Image credit: Bitcoin by Michael Fortsch, Roller Coaster by Dana Sredojevic

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https://www.techspot.com/news/98273-crypto-isnt-dead-bitcoin-breaks-30000-first-time.html

 

[winjer]

It's like an STD that never goes away.

 

[AlaskaGuy]

The pyramid scheme that just won't die.

 

[m4a4]

And anyone who actually tried understanding crypto (instead of jumping on the hate bandwagon) isn't surprised...

 

[Bl00dyMinded]

And anyone who actually tried understanding crypto (instead of jumping on the hate bandwagon) isn't surprised...

For sure. I love seeing all the haters cry about it being clueless.

 

[psycros]

And anyone who actually tried understanding crypto (instead of jumping on the hate bandwagon) isn't surprised...

We understand crypto just fine. Those with enough time on their hands and a desire to engage in grift will benefit from it as long as their luck holds.

 

[Kashim]

The crypto-herpes is having another flare up. Apply some special ointment and it will go away again.

 

[Kashim]

"Business intelligence and mobile software firm MicroStrategy has continued to invest heavily in Bitcoin. Late last month, the company revealed it had purchased roughly 6,455 Bitcoins over the trailing several weeks at an average price of $23,238 per coin."

Well no wonder the price is up when companies like this are pumping it. I can't wait for the next headline though: "MicroStrategy applies for bankruptcy protection"

 

[Nobina]

I've said this before, crypto survived many scandals I previously thought it wouldn't, and now I don't think there's something that's going to kill it. It will come down but never to the point of irrelevancy.

 

[Jerry in WA]

And anyone who actually tried understanding crypto (instead of jumping on the hate bandwagon) isn't surprised...

It's simply gambling at this point. All of the supposed benefits of crypto have been exposed as being a sham. What's there to understand that we are supposedly missing? How many rug pulls will it take until you understand what this is?

 

[Uncle Al]

The way the markets are right now I wouldn't trust em with $1 ..... unless it was counterfeit ....

 

[wiyosaya]

"Business intelligence and mobile software firm MicroStrategy has continued to invest heavily in Bitcoin. Late last month, the company revealed it had purchased roughly 6,455 Bitcoins over the trailing several weeks at an average price of $23,238 per coin."

Well no wonder the price is up when companies like this are pumping it. I can't wait for the next headline though: "MicroStrategy applies for bankruptcy protection"

And it will be spurred by Elon Musk saying that it will be accepted it for payment at Twitter, then walking that back the next day.

 

[lufkin]

And anyone who actually tried understanding crypto (instead of jumping on the hate bandwagon) isn't surprised...

It's always the same ones as well. It's like they don't understand there is money to be made instead they just hide behind their fear and lack of understanding because of that fear

 

[Tams80]

It's simply gambling at this point. All of the supposed benefits of crypto have been exposed as being a sham. What's there to understand that we are supposedly missing? How many rug pulls will it take until you understand what this is?

Is that not the stocks and shares market too though, no? The one you almost certainly have some money invested in some way, probably indirectly though a pension or something.

How is crypto trading really any different from normal FX trading?

I do think that currencies need to be used as, well stuff to buy stuff, to stick around due to the stable(ish) base that provides. But as long as many drugs are illegal, and/or people want to move around dirty/illicit money, then cryptocurrencies will always have a place from now on.

 

[BuckarooBonzaii]

This only shows the fact that people like digital currency, there's money to be made, and some think it will break the traditional banking system. However, this only gives CBCD the push it needs to move forward and change digital currency once and for all. All other Non-CBCD will become pure investments and subject to investment regulations.

 

[rmcrys]

And anyone who actually tried understanding crypto (instead of jumping on the hate bandwagon) isn't surprised...

Well, most people understand it just fine. People try with it:
- to evade taxes
- to avoid legislation
- able to do dirty business and money laundering without being caught
- free black market
- to avoid any kind of rules but the ones that go with the wind.

So, the big fishes convince the millions small fishes that it is good and they will be cool and rich, they go with it and then the big fishes are protected.
A bit like "hey solders, go that way because you'll be rich and have S.X in the afterlife..... so that we lords and kings can go in the opposite way without being noticed and in THIS life we actually can be more rich and have more S.X"

At the end the "smart and cool" crypto user is just:
- protecting drug and dirty business money laundry
- protecting and hide ransom schemes
- hardware and energy producers getting even richer (with real money...)
- get some bananas thinking they will get any fruit basket

 

[godrilla]

And anyone who actually tried understanding crypto (instead of jumping on the hate bandwagon) isn't surprised...

What scares me is the legislation that they want to impose on banning other crypto currencies except the central bank digital currency. We cannot ignore this fact and blindly support it. Bitcoin is also far from not being centralized to one entity. Texas is pushing their own digital currency backed by gold. Also why don't we just use both gold and other precious metals as well as parallel private ways for transactions to occur? Instead of putting all the eggs in one basket ( Bitcoin and other crypto digitalcurrencies)we diversified to full blown precious metals transactions as an alternative as well. I believe that the traditional barter system will make a comeback as long as you are creating capital and not just sucking it dry!