Bitcoin reached its highest level in the year

The first digital currency topped $31,013, its 2023 high, to reach its highest level since June 2022, according to Bloomberg data. The rebound led to Bitcoin to around $31,307 and 80% higher since the start of the year. other cryptocurrencies followed suit, with Ether also rising.

It is a remarkable advance and a sign of resilience for a market that many had considered extinct, after a series of high-profile scams and company failures that left a stain on the sector, in the eyes of investors.

What are the most chosen cryptocurrencies by Argentines

“From a bitcoiner’s point of view, the token’s most fundamental investment thesis is coming true: inflation, monetary mismanagement, banking crises, sovereign debt anxiety, doubts about the state of bitcoin reserves. US dollars are helping cryptocurrency enthusiasts to experience an ‘I told you so’ moment”, said Strahinja Savic, head of data and analysis at FRNT Financial.

“I wouldn’t describe the rally to new all-time highs despite the difficult environment, but rather because of it,” Savic added.

Recently, news about the surprising introduction by BlackRock Inc. of a spot Bitcoin ETF in the US has Cryptocurrency fervor reignitedwhile some in the market are hoping that such a product—which currently doesn’t exist—will win regulatory approval. An approval, whatever the odds, would be a victory for fans who have longed for such an investment product for years.

Bitcoin on the rise The “I told you so” is already heard, among some doomsayers.

“BlackRock’s filing is great news for Bitcoin due to its close ties to regulators and strong track record of ETF approval,” K33’s Bendik Schei and Vetle Lunde wrote.

They added: “An approval would have a profound impact on the market structure of Bitcoin, as it would lower the barriers for financial advisors to offer exposure to BTC through an investment vehicle accessible with daily creations and redemptions delivered by a trusted issuer.”

Cryptocurrencies take revenge and become attractive again

Other recent news also bolstered crypto believers’ faith in the rally. A new exchange platform of cryptocurrency backed by firms including Citadel Securities, Fidelity Digital Assets and Charles Schwab Corp., called EDX Markets, announced that it had gone live. And, among other news, JPMorgan Chase & Co. expanded one of the most high-profile projects to bringing blockchain technology to traditional bankingintroducing Euro-denominated payments for corporate clients using their JPM Coin.

“The effects of the so-called ‘crypto winter’ seem less persistent today than a year ago, as various jurisdictions and institutional players continue to embrace cryptocurrency-related initiatives,” David Duong, Coinbase’s head of research, said in a recent note.

Related articles

ANSES pays the Unemployment Benefit: who receives today, Friday, May 24, 2024

The National Social Security Administration (ANSES) begins the payments corresponding to the Month of May for unemployment insurance holders. Today, Friday the 24th,...

The US asked for the Bases law and the lifting of the exchange rate

While the debate continues over Base Law In the Senate, the Charge d'Affaires of the United States Embassy in Buenos Aires, Abigail Dressel, highlighted...

Not only did it go to Benedetto, Diego Martínez would also have deleted another...

The atmosphere has become a little tense Boca Juniors after the statements expressed by Dario Benedettowho last Friday would have responded to Diego Martinez...