The Bitcoin Price Rose Steadily in January

January proved to be a somewhat powerful month for bitcoin, which rose beyond the $18K mark by the midway point. Though this is nothing compared to the all-time high of $68,000 it achieved in November of 2021, the jump was a welcomed change from the bearish conditions so many fans, traders, and investors were privy to in 2022.

Bitcoin Saw a Good Month in January

The previous year was arguably the worst time for bitcoin and the crypto scene. Bitcoin lost more than 70 percent of its value after trading at the previously mentioned price, eventually ending the year in the mid-$16K range. Many additional coins followed in its footsteps and lost value as well, causing the crypto space to drop by more than $2 trillion. Things looked bad, and many were wondering if 2023 would ultimately bring the small degree of healing they were looking for.

Thus far, it looks like that healing has arrived. Again, the figure in question is nothing compared to where bitcoin once was, but it’s going to be a while before the world’s number one digital currency by market cap can get where it wants to go, and the fact that it’s taken a few solid baby steps is a good sign that things will somehow turn themselves around. Perhaps 2023 will indeed guide bitcoin to brighter pedestals as so many analysts have suggested.

Vijay Ayyar – vice president of corporate development at crypto exchange Luno – commented in a recent interview:

Bitcoin has been in a downtrend for over a year now, which is a standard period of a bear market in crypto. We’ve had many negative events transpire over the past year, and if one looks at the price reaction to those events, it’s been declining less and less, an indication that the market is accepting the news quite well [and] sell pressure is being absorbed, and hence, we’re moving to an accumulation stage. This could also mean that the market thinks the worst is over for crypto and that most negative news is now priced in.

So Many Contradicting Moves

The conditions being faced by bitcoin and the present market have been somewhat of a conundrum in the sense that while some companies appear to be suffering and/or scaling back, others are in prime positions. For example, several digital currency exchanges – including Coinbase and Huobi Global – have announced that they will be parting ways with several staff members as they seek to reduce operational costs while the market continues to flail.

By contrast, Binance – the largest and most popular digital currency exchange in the world in terms of daily trading volume – has stated that it plans to increase hiring by 15 to 30 percent in the year 2023. The company says it has plenty of assets stored away to cover its liabilities.

Tags: Binance, bitcoin, coinbase