Digital Chamber of Commerce founder and president Perian Boring discusses the state of crypto after the FTX scandal on “The Claman Countdown”.
The new year has brought new life to Bitcoin and other cryptocurrencies.
After a dismal 2022, Bitcoin stormed out of the starting gate in the first two weeks of the year, winning 13 of the last 15 days.
The cryptocurrency rose more than 24% during that time to $20,728. That compares to the last 52 weeks, when Bitcoin lost more than 54%.
Bitcoin was above $45,000 for the start of 2022 as the crypto industry began to raid politicians and mainstream financial institutions.
REPUBLICANS START DIGITAL ASSETS SUBCOMMITTEE ON CRYPTOCURRENCY INDUSTRY AFTER TROUBLE YEAR
Bitcoin has posted gains on 13 of the last 15 days. (Fernando Gutierrez-Juarez/Image Alliance via Getty Images/Getty Images)
Bitcoin ended the year below $17,000.
Recall that Bitcoin’s all-time high was $67,802.30, reached in November 2021.
The industry’s steady decline began in May with the collapse of Terra, the so-called stablecoin.
Investors have lost tens of billions of dollars, and a number of crypto companies have suffered financial ruin.
SAM BENKMAN-FREID DEFENDS HIMSELF IN ONLINE POST.
Since then, more companies have declared bankruptcy, the biggest being the collapse of FTX and the arrest of company founder Sam Bankman-Fried.
Sam Bankman-Fried leaves New York Federal Court on Thursday, December 22, 2022. The former CEO of FTX and Alameda has been released on $250 million bail. (Charles Guerin/Abaca for Fox News Digital/Fox News)
Traditional markets are also doing well, with stocks ending last week with their best weekly performance in two months as earnings season kicked off and inflation numbers were lower.
CLICK HERE FOR FOX BUSINESS REAL TIME Cryptocurrency Price Data
Year to date, the S&P is up 4% and the Nasdaq is up about 6%.
Ether, the coin linked to the ethereum blockchain network, is at $1,583, a gain of about 23% over the past week.
Even the smaller dogecoin is up more than 20% in the past week to 8 cents.
The Associated Press contributed to this report.
Comments