Bitcoin was all but left for dead after the implosion of crypto exchange FTX, but its recent rally is proving naysayers wrong.
The world’s largest cryptocurrency has risen 21% so far this month on the back of the banking crisis, bringing bitcoin’s rally to almost 70% so far this year. Bitcoin traded above $28,000 on Sunday for the first time since June.
Bitcoin has surged despite a federal regulatory crackdown on crypto companies and an increasingly risk-averse market environment.
Many investors think the rally won’t last—and have placed bets against the token’s price.
Bank Crisis Sparks Bitcoin Rally and Market Boom
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