Bitcoin surges above $20,000, erasing post-FTX losses

The cryptocurrency market continued its rally on Friday as Bitcoin peaked at just over $20,000 per coin.

Bitcoin has not been valued this highly since early November before FTX’s spectacular collapse, according to data from CoinGecko.

The broader crypto market is also showing signs of life, as the industry’s total market cap currently stands at $979 billion, up 3.8% over the past 24 hours. According to CoinGecko, more than $72 billion worth of crypto was traded in the last day.

BTC’s price started surging earlier this week in anticipation of the release of the Federal Reserve’s December CPI report. Bitcoin started the trading week at $17,207 on Monday and has continued its upward trend ever since. The CPI report met market expectations and showed that inflation in the US economy is indeed slowing.

The report was welcome news for both traditional and crypto investors. But it also comes at a time when crypto is once again in the spotlight in Washington, DC. The collapse of FTX in November put lawmakers on high alert. FTX founder and former CEO Sam Bankman-Fried was arrested last month and charged with eight felonies, including wire fraud and campaign finance violations.

The SEC has also recently stepped up its scrutiny of the crypto market and brought new charges against key players. Yesterday, the commission indicted cryptocurrency exchange Gemini and crypto broker Genesis for violating securities laws over an “earn” scheme that allowed investors to earn income from bitcoin deposits. U.S. House Republicans also announced plans yesterday for a subcommittee dedicated to cryptocurrency, Politico reported.

While Bitcoin’s bullish moves have many on Crypto Twitter celebrating, $20,000 is still 71% lower than Bitcoin’s previous all-time high of just over $69,000.

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The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.

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