Whether ETF indices, most tech stocks, gold or silver: In the first two quarters, hardly any classic asset can hold a candle to Bitcoin. Its price has more than doubled with a price increase of over 80 percent. The key crypto currency is proving to be extremely resistant.
Crypto winter: yesterday’s news?
In November 2022, FTX, the second largest crypto exchange, collapsed, scaring investors and trading partners. The image of the industry: cracked. Bitcoin started the year at around $16,500. War, inflation and Corona: The macroeconomic starting point seemed bad for the blockchain sector. The hype surrounding NFTs and the associated bull run was what felt like an eternity ago. In 2023, the US authorities also took on the sector, above all the US Securities and Exchange Commission (SEC): They took rigorous action against the crypto industry. You didn’t want to see the next FTX. This brought additional uncertainty to the market.
But against all odds, Bitcoin put in a remarkable performance. At the time of writing, it is trading at $30,665.
Recovery in crypto coins
Ethereum (ETH) also surged 57.3 percent in the first two quarters. A look at the growing market capitalization of other large projects confirms the positive development since the beginning of the year.
The influence of the USA on the crypto sector is large, but not overpowering. The past few months have shown that. Other economic zones are opening their doors to the industry. Hong Kong is working flat out on crypto-friendly regulation. With MiCA, Europe adopted a comprehensive set of rules for digital assets. A similar development is emerging among the British.
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