Bitcoin Soars Above $25K

Source: cryptopotato.com

The past seven days saw Bitcoin’s price increase by a whopping 10% in a few violent green candles that took place in the span of a couple of days. This brought a lot of positivity to the industry, and the total capitalization is also up by about $100 billion.

At the time of this writing, BTC trades at around $24K, but it managed to paint a fresh high of above $25K for the first time since the summer of 2022. This has also had an impact on the entire market, as most of the altcoins are also charting massive gains. Ethereum is up 8.3%, ADA – 10.4%, MATIC – 20.3%, OKB – 37.4%, SOL – 11%, and so forth.

This has also raised hopes for many that the bear market is finally over and that the next stop for BTC is $30K. One of those who support this idea is no other than Mike Novogratz – former Wall Street tycoon and a crypto permabull.

However, the week was not without turbulence, especially on the regulatory front. The US continues with its offensive stance, pushing yet another major blockchain firm into the corner and forcing it to halt certain services. The company in question is Paxos, which will stop issuing Binance USD (BUSD) stablecoin on February 21st.

In any case, the broader increase in the market has also had positive effects outside of the industry. Robinhood – the popular retail trading platform, reported an increase of a whopping 95% in its crypto-related trading volumes in January, showcasing that the interest in the industry is starting to come back.