Bitcoin surged to its highest price in more than eight months as BTC crossed the $25,000 mark on Thursday. The spike comes as the US continues to tighten regulations, with regulators tracking Paxos for their BUSD issuance.
The previous week, much of the BTC price action was flat as the US Securities and Exchange Commission (SEC) delisted Kraken’s crypto staking plan.
Bitcoin breaking $25,000 is the highest point of the week. BTC rallied 10% Wednesday through Thursday, with its aggressive price action fueling broad-based gains as major tokens like ETH, ADA, and MATIC recorded double-digit gains for the week.
CloutContracts is the project that has gained the most in price, the project’s native token CCS has increased nearly 17 times in the week. Other names with big price increases include FLOKI, BOTTO, VELA and TRU. The latter rally took place amid the minting of stablecoin TrueUSD 50 million USD after the enforcement action of SEC for Paxos and BUSD.
Bitcoin ended the week by retreating to the mid-$24,000 range. The retracement occurred after BTC failed to break through the local resistance at $25,200.
Crypto stocks
Share prices of publicly traded crypto companies have also mostly been in the green over the past week. MicroStrategy up 22%, adding $53 to the stock price before ending the week at $294.
Coinbase rallied 17% to close at $65.20. The surge comes amid renewed interest from Cathie Wood’s Ark Invest. Investment firm increased exposure to COINS by purchasing more 6.7 million won USD of Coinbase shares.
Silvergate also ended the week in the green, but its price action was more volatile. Crypto-friendly banking has seen his stock price increases 28.5% to $22 by midweek.
This rally was followed by a steep retracement, which dropped below $17 on Friday before ending the week just below $18. The bank is currently embroiled in the FTX crash story and reports have surfaced this week that it facilitated the transfer of money between Binance International and Binance.US.
Macro problem
The US Department of Labor this week released the January consumer price index report. The report shows Inflation increased by 0.5% month-over-month, bringing the annual figure to 6.4%. This means that annual US inflation has fallen for seven consecutive months.
Cryptocurrency tokens and stocks fluctuated in the lead up to the report but ultimately trended up. Speculation in the crypto space has so far been largely unaffected by an increase in regulatory scrutiny in the United States.
See also: Former Facebook vice president: ‘Cryptocurrency is revolution, not AI’
Synthetic Kyptos
