Business NEWS

    News that matters

    Crypto Market Soars as Bitcoin Breaks Through US$25K Price Ceiling


    Bitcoin (BTC-USD) surged past the US$25,000 mark for the first time since June 2022, extending its year-to-date gains to just under 50%.[0] Ethereum (ETH-USD) gained 8.6% to $1.71K, but still has a lot of ground to cover to reach its respective November 2021 highs.[1]

    Mike Novogratz, CEO of Galaxy Digital Holdings, believes there’s a chance Bitcoin could return to $30,000 or above before the end of March.[2] This is a far cry from the $500,000 he once predicted for the digital currency, but still almost 25% above its current price.[3]

    In the past 24 hours, the total crypto market capitalization has increased by 6.9%, reaching its highest point since August, at US$1.10 trillion. Total trading volume also increased by 7.9%, amounting to US$63.61 billion.[4] Flows into Bitcoin have been attributed to its classification as a “commodity” by the Securities and Exchange Commission (SEC) chair, which has pushed its market domination higher.[5]

    The Consumer Price Index (CPI) report released on Tuesday showed prices rose 0.5% in January from the previous month, or slightly higher than the 0.4% forecast by economists.[6] This increase year-on-year came in at 6.4%, according to the U.S. Labor Department.[7]

    The market optimism is further compounded by the fact that the price of Bitcoin has broken through the US$24,000 price ceiling for the first time in two weeks.[7] Investors have liquidated almost US$70 million of mostly short-position bets, according to data aggregator GlassNode, while Ether and all other top 10 non-stablecoin cryptocurrencies have gained ground.[7]

    Ultimately, there are increasing signs that the market bottomed last November and has turned bullish, with Bitcoin now up 48% year-to-date to trade at just under US$25,000. The rallying cry for the cryptocurrency industry is gaining momentum, as investors grow more confident that a widely predicted recession might not actually happen.

    0. “Bitcoin briefly soars beyond $25k; $232M in shorts liquidated” CryptoSlate, 16 Feb. 2023,

    1. “Bitcoin pops to highest in six months as regulatory crackdown fears ebb” Seeking Alpha, 16 Feb. 2023,

    2. “Galaxy Digital CEO ‘wouldn’t be surprised’ if Bitcoin hit $30K this quarter” Cointelegraph, 16 Feb. 2023,

    3. “Galaxy Digital CEO Novogratz Sees Chance of Bitcoin (BTC) Hitting $30000” Bloomberg, 15 Feb. 2023,

    4. “Bitcoin Price Hitting $30,000 This Quarter ‘Wouldn't Surprise' This CEO – Here's Why” Bitcoinist, 15 Feb. 2023,

    5. “Bitcoin rises despite U.S. crackdown, as crypto market gains $84 billion in value” CNBC, 16 Feb. 2023,

    6. “Bitcoin breaks $25K for first time since mid-2022, some hail thaw of crypto winter” Fortune, 16 Feb. 2023,

    7. “Bitcoin breaches US$24,000 to reach highest price since August as short sellers liquidated” Yahoo Life, 16 Feb. 2023,

    Leave a Comment

    This div height required for enabling the sticky sidebar