Bitcoin Shocks the World Yet Again: Reaches $23,000 Despite FTX Scandal and Genesis Bankruptcy, and Keeps Climbing

 

KipinQ

Mon, 23 January 2023

Bitcoin (BTC-USD) is on a roll and breaking records once again! The leading cryptocurrency soared past $23,000 for the first time since August 2022 before settling down to around $22,705 on Monday. This is a price point not seen since before the little blip that was the collapse of the FTX cryptocurrency exchange in November 2022. But let's be real, Bitcoin is like a phoenix rising from the ashes and shaking off any negative events like a boss.

The crypto-market is showing no signs of slowing down, even with the recent bankruptcy filing of crypto-lender Genesis. The entire market capitalization for the sector now stands at a whopping $1.08tn, according to data from Coingecko. And it seems like traders saw this coming, with signals being telegraphed for weeks. But honestly, why would anyone be surprised? Bitcoin and the crypto-market as a whole just keep on climbing higher.

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The second largest cryptocurrency by market capitalization, Ethereum (ETH-USD), is also seeing some major gains, up over 5% in the week to $1,633. It's clear that the crypto-market is on fire and showing no signs of burning out. This can be attributed to the growing adoption and usage of cryptocurrencies, as well as the increasing interest from institutions. And let's not forget, Bitcoin is leading the charge. 

It's worth mentioning that Genesis is part of the Digital Currency Group (DCG), a conglomerate of more than 200 crypto-focused businesses. The insolvency of Genesis may be linked to the bankruptcy of FTX, but let's not forget the big picture here, the crypto-market as a whole is thriving. And let's be real, a little legal action from the owners of the Gemini crypto platform, the Winklevoss twins, isn't going to bring Bitcoin down.

Gemini lent Genesis the $900m as part of its Earn program, which let clients earn interest by loaning out their assets. More than 340,000 Gemini clients have been impacted by the bankruptcy. But let's keep things in perspective, the crypto-market is booming and Bitcoin continues to break records. So, let's raise a virtual glass to the success of Bitcoin and the crypto-market as a whole!