A Review of Bitcoins Price Activity in 2023
Summary
This was a meagre sum, especially compared to the heights the asset had reached in previous years and followed a months-long slump that had dogged the coin for much of the end of 2022. The reasons behind this slump are complex and difficult to ascertain, but it likely had a lot to do with the crashing of a number of smaller coins, which eroded trust in the technology. This sent global markets into meltdown, scaring investors and seeing a reduction in spending across the board, with everything from the price of fuel to cryptocurrencies affected by the escalating geopolitical crisis. FTX, a major crypto exchange, dramatically collapsed, with allegations of fraud at the centre of the crisis and investors losing their entire investment. However, Bitcoin demonstrated durability and resilience in the face of adversity, turning things around impressively to end the year on a high note.