- The ink is barely dry on Sam Bankman-Fried’s conviction, and bitcoin is already rising like a fresh divorcee.
- It’s not just bitcoin enjoying a bit of a boon. Ether’s price surged as well.
- JPMorgan analysts dismissed bullish arguments for crypto in a note Wednesday,
Bitcoin hit a new high for 2023, nearly touching $38,000 at one point on Thursday. It marked the highest price for the cryptocurrency since early May 2022, adding to what has quietly been a strong year for bitcoin, writes Insider’s Phil Rosen.
After a dreadful 2022 culminating in the downfall of FTX and the aforementioned SBF, bitcoin has been on the up. While there was plenty of fallout from FTX’s bankruptcy, the price of bitcoin has steadily climbed this year. Year-to-day, it’s up more than 110%.
If you're surprised by those numbers, I wouldn't blame you. The crypto community, or at least what's left of it, hasn't been as vocal about its gains this time. It appears the market had its fill of humble pie in 2022 and isn't looking for more.
It's not just bitcoin enjoying a bit of a boon. Ether's price surged after reports circulated about BlackRock filing paperwork in Delaware that indicates plans for an ether ETF.
But the best example of crypto's comeback might be the U-turn one of its biggest critics just made. Nouriel Roubini — aka "Dr. Doom" — has previously called crypto "totally corrupt" and the "biggest criminal heist in human history."
Now he wants in.
His asset management firm, Atlas Capital, is launching a blockchain-based stablecoin pegged to "a carefully chosen portfolio of liquid real world assets."
Foto: Noah Sheildlower/Insider
That's not to say everyone is buying into the crypto hype
JPMorgan analysts dismissed bullish arguments for crypto in a note Wednesday, calling the recent rally "rather overdone." The bank also downplayed the potential for the industry to grow off the back of the SEC approving a bitcoin ETF, suggesting it would mostly be used by players already in the space.
And SEC's approval of a bitcoin ETF doesn't translate into Gary Gensler and co. taking a softer approach to crypto, the bank added.
Of course, even JPMorgan has some interest in the space. While not an apples-to-apples comparison, the bank has launched ventures with blockchain technology. It now reportedly handles $1 billion worth of transactions every day via its digital token JPM Coin.
It seems doubtful we'll ever get back to the days of crypto skyrocketing overnight, but maybe that's a good thing. Now that it's dropped its toxic ex, crypto is ready to move on.
Consider this crypto's growing up era.