Bitcoin prices retain most of gains after hitting 5-month high


Bitcoin prices have shown strength recently, managing to hold on to most of their recent gains after reaching their highest level since August over the weekend.

The world’s most valuable digital currency by market capitalization, which has generated countless headlines since its inception more than 13 years ago, reached $23,167.00 today, according to TradingView data.

At that point, it was just below the multi-month high of $23,300 hit on Saturday, trading at its highest value since about Aug. 19 on TradingView.

Since hitting the aforementioned intraday high, the cryptocurrency is up nearly 40% year-to-date and close to 50% since falling below $15,500 on TradingView in November.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]

After trading in a fairly tight range for several weeks, bitcoin prices continued to hold on to most of those recent gains, rising from around $16,500 earlier this year to a five-month high.

The digital asset managed to show strength in the face of ongoing challenges within the industry as the FTX saga continued to play out and cryptocurrency issuer Genesis Global Capital, LLC filed for Chapter 11 bankruptcy protection on January 11, 19.

The organization’s holding company, Genesis Global Holdco, LLC, announced the move in a press release, saying it took the approach to “maximize value for all customers and stakeholders and strengthen its business for the future.”

Both Genesis Global Capital, LLC and Genesis Global Holdco, LLC exist under the umbrella of cryptocurrency firm Digital Currency Group.

Genesis Global Capital, which is scheduled to hold its first bankruptcy hearing today, according to court filings, has made significant recent appearances over allegations that cryptocurrency exchange Gemini owes its customers $900 million, The Financial Times reported last month.

This financial dispute arose out of the exchange’s partnership with Genesis for its Earn program, where participants can lend certain cryptocurrencies and receive rewards.

Participants can earn more than 8% APY by participating in this offer.

Gemini co-founder and president Cameron Winklevoss recently threatened take legal action against Digital Currency Group and its CEO Barry Silbert to resolve this dispute.

The development generated significant headlines after troubled stock exchange FTX announced in November giving for bankruptcy protection.

The company was valued at $32 billion in a funding round early last year.

However, in November, Sequoia Capital, a well-known venture capital firm that previously invested in giants such as Google LLC and Apple Inc, reduced the value of its investment in FTX to zero.

All of these developments took place during what many are calling “Crypto Winter,” during which many digital currencies traded significantly below their all-time highs and startups in the space suffered from reduced funding opportunities.

For example, the price of bitcoin fell from $60,000 at the end of 2021 to around $15,500 in November 2022 on TradingView.

However, it’s worth noting that the digital currency has traded below the aforementioned $15,500 for most of its existence, rising to that price in 2017 as the broader cryptocurrency market made impressive gains.

Even after Bitcoin’s recent lows in November, its early days saw its value below $0.01, significantly higher than it held at some points.

Between 2011 and 2021, the digital currency outperformed many other asset classes and achieved annualized returns. More than 230%according to an analysis by Charlie Bilello, chief market strategist at Creative Planning, an independent wealth advisory firm.

Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether, EOS and sol.





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