Bitcoin (BTC-USD) is the all-star cryptocurrency that defied all lows. At peak fear, led by the bankruptcy of FTX, BTC prices fell below $17,000 in Nov. 2022.
2023 is an entirely different narrative. Up by 85%, Bitcoin traded recently at $31,000. Two events drove it higher. Blackrock is filing for a Bitcoin ETF, validating the crypto. Its entry marks the mainstream acceptance of the alternative to fiat currency.
Markets knew for many years that investors have a strong demand for an alternative to fiat. The governments are spending freely, increasing their debt. Central banks kept interest rates for too long, leaving them no room to fight rampant inflation.
Gold is not a store of value that investors could rely on. It only has a perception of safety because the metal once backed currency.
Coinbase Wins Supreme Court Ruling
On Jun 23, 2023, the Supreme Court ruling that sided with Coinbase (COIN) lifted the crypto market. The courts said that a lawsuit against it could not proceed until Coinbase defends an appeal of a lower court ruling. This significant win gives the platform, whose shares are publicly traded on the stock exchange, a leading role in the crypto industry.
Ethereum (ETH-USD) gained 8.7% on the week to close at $1,887. Pepe (PEP) was a star performer, up by 54% in that time.
