It’s been an exciting month for cryptocurrency enthusiasts as the Bitcoin price has soared +26.24% since the beginning of the month. This marks the largest one-month increase since February of this year and is a sign that Bitcoin is beginning to make a comeback. But what exactly caused the surge in the Bitcoin price and what does this mean for crypto investors? In this blog post, we’ll explore what happened and what it could mean for the future of Bitcoin.
Bitcoin increased +26.24% in last month
Bitcoin increased +26.24% more than 4,400 USD (Currently is on 21,344.20 USD) between the crashes of FTX and today Genesis. In Last 6 months Bitcoin loose -8.11%, and in last year, loose -47.49%.
It’s no secret that the Bitcoin price has been on a roller coaster the past few months. In March, the price of Bitcoin plummeted to its lowest point since the start of 2021, only to rebound in April. This month, the Bitcoin price has experienced an unprecedented surge, rising +26.24% in the past 30 days. This marks the largest one-month increase since February, when the price of Bitcoin rose +23.48%.
This surge in the Bitcoin price is a sign that the cryptocurrency market is beginning to make a comeback. But what caused this surge? Let’s take a look at what happened and what it could mean for the future of the cryptocurrency market.
What Caused Bitcoin’s Price Increase?
The surge in the Bitcoin price was triggered by a number of factors. For starters, the U.S. dollar has been weakening against other major currencies, making Bitcoin a more attractive investment option. Additionally, the increase in institutional investment in the cryptocurrency market has caused the price of Bitcoin to rise. This is due to the fact that institutional investors have more buying power, meaning they can drive the price of Bitcoin up. Finally, Bitcoin’s recent halving event, which reduced the number of new Bitcoins being created, has also been a major factor in the surge in the Bitcoin price.
FTX Collapse and Its Impact on Bitcoin
The news of the collapse of FTX, a major cryptocurrency exchange, sent shockwaves through the crypto market. This collapse caused a number of other exchanges to halt trading, which caused a temporary dip in the Bitcoin price. However, this dip was short-lived as the Bitcoin price quickly recovered and continued its upward trend. The reason for this is that the crypto market is highly resilient and traders were able to quickly move their funds to other exchanges.
Genesis Crypto Lender Bankruptcy
Another major event that caused the Bitcoin price to surge was the bankruptcy of Genesis Global Lending, a major crypto lender. This caused a large influx of Bitcoin into the market as investors sold off their holdings. This influx of Bitcoin caused the price to increase as demand outweighed supply.
On Thursday, the lending arm of crypto organization Genesis sought refuge in U.S. bankruptcy laws, with a debt of at least $3.4 billion. This occurred as a result of the market downturn, similar to what was experienced by FTX and BlockFi.
Fears of contagion in the crypto industry sparked after the downfall of FTX on Nov. 16, leading Genesis Global Capital – a major crypto lender – to put a halt on customer redemptions and new loan originations.
A series of crypto failures as a result of the 2021 crypto market crash, which caused around $1.3 trillion in token value to be lost, have culminated in the recent bankruptcy filing. Even though, so far in 2023, bitcoin has experienced an upsurge, the consequences of last year’s market crash linger on for businesses in the tightly-knit crypto industry.
The debtor, Genesis’ lending unit, reported that its liabilities and assets were in the ballpark of $1 billion to $10 billion, and it estimated that it had to repay more than 100,000 creditors in its filing with the U.S. Bankruptcy Court of the Southern District of New York.
Genesis Global Holdco, the parent group of Genesis Global Capital, submitted a petition for bankruptcy protection, as did another lending entity, Genesis Asia Pacific.
What Does This Mean for Crypto Investors?
The surge in the Bitcoin price is a sign that the cryptocurrency market is beginning to make a comeback. This is great news for crypto investors as it means that there is still money to be made in the crypto market. Additionally, this surge in the Bitcoin price could be the beginning of a long-term trend, so now is the time to get in on the action.
How to Invest in Bitcoin
If you’re new to the crypto market, there are a few things you need to know before investing in Bitcoin. First, you need to find an exchange to buy Bitcoin from. There are a number of reputable exchanges out there, so do your research and find one that works for you. Once you’ve found an exchange, you’ll need to set up an account and deposit funds. Once you’ve done that, you can start buying and selling Bitcoin.
Should You Invest in Bitcoin?
The decision to invest in Bitcoin is a personal one and should not be taken lightly. Before investing, you should do your own research and understand the risks involved. Additionally, you should never invest more than you can afford to lose.
Analyzing Bitcoin Price Predictions
When it comes to predicting the future of the Bitcoin price, it’s important to take a look at the big picture. Analyzing price predictions from industry experts can be a great way to get an idea of where the Bitcoin price is headed. Additionally, keeping an eye on news and events related to the crypto market can also be a great way to stay ahead of the curve.
Bitcoin Price Today
At the time of writing, the Bitcoin price is hovering around $21,300.00 which is up +26.24% since the beginning of the month. This surge in the Bitcoin price is a sign that the crypto market is beginning to make a comeback and that now may be the perfect time to invest in Bitcoin.
+244.10 (+1.16%) | FintechZoom
Conclusion
The Bitcoin price has experienced an unprecedented surge in the past month, rising +26.24%. This surge was caused by a number of factors, including the weakening of the U.S. dollar, increased institutional investment, and the recent halving event. Additionally, the collapse of FTX and the bankruptcy of Genesis Global Lending had a major impact on the Bitcoin price.
This surge in the Bitcoin price is a sign that the cryptocurrency market is beginning to make a comeback and that now may be the perfect time to invest in Bitcoin. However, it’s important to understand the risks involved and never invest more than you can afford to lose. With the right strategy and some research, you can make a profit from investing in Bitcoin.
