On November 9, 2023, Bitcoin set a new 2023 high. The asset crossed the $37,000 mark.
At the time of writing, the rate of the first cryptocurrency is up to $37,500. The asset is trying to consolidate at this level.
Several factors contributed to Bitcoin’s growth: its positioning as a refuge from inflation and the banking crisis in the United States, which broke out in March; and more recently, information has spread that the US Securities and Exchange Commission (SEC) will approve a Bitcoin-linked exchange-traded fund (ETF), thereby bringing cryptocurrency as a financial product to the masses.
It took Bitcoin just over 18 months to fully recover from the TerraUSD incident, and Bitcoin reached its lowest point during another significant incident – the collapse of the FTX crypto exchange, whose former head Sam Bankman-Fried was recently found guilty of fraud. Unlike previous periods of cryptocurrency boom, this year Bitcoin is regaining its position in fits and starts, alternating sharp growth with long lulls and low volatility. Cryptocurrency has survived the sharpest tightening of monetary policy by the US Federal Reserve in the last four decades and the introduction of strict regulations to regulate the industry.
