Bitcoin Above $22K for First Time Since Mid-September; Crypto's Tumultuous Week
The Tokenist | Jan 21, 2023 11:55PM ET
While this past week brought many dramatic developments across the crypto industry, the January rally continued and Bitcoin reached its highest price since September on Friday afternoon.
Despite some FUD caused by the DoJ announcement on Wednesday, (Bitcoin) is continuing its 2023 rally and was up nearly 6% on Friday alone. Other cryptocurrencies are on a similar path as Ethereum is also up 6%, and BNB 2.5%.
This Friday, Bitcoin soared above $22,000 for the first time since September 2022 (Image courtesy of TradingView)
Bitcoin Continues its January Rally and Comes to a Four-Month High
The world’s largest cryptocurrency spent late 2022 mostly trading between $16,000 and $17,000. In fact, the last time Bitcoin had a price above $22,000 was in September and it collapsed below $20,000 shortly before the FTX bankruptcy without reclaiming the value for the rest of the year.
January brought an unexpected rally throughout the crypto industry with multiple large digital assets—and which he claims was uncalled for —on the law firm, S&C’s role in the proceedings became a hotly debated topic only on Thursday afternoon after the former compliance officer, Dan Friedberg, filed his affidavit. While Friedberg brought forth an onslaught of allegations against the law firm, the bankruptcy judge ultimately called the testimony “full of hearsay, innuendo, speculation, and rumors,” and allowed FTX to hire S&C as its bankruptcy counsel.
Another development that rocked the industry but failed to stop the rally was the announcement of the bankruptcy of Genesis’ lending branches. The bankruptcy has been widely speculated on since November last year and has been reported as nearly imminent on Wednesday before finally being filed for at the end of the week.
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