Bitcoin Reaches All-Time High of $20,000 as Crypto Market Sees Uptick in Activity

1: bitcoin hit an all-time high of just over $20,000 per coin this week, pushing the total market capitalization of the industry to $979 billion. this increase of 3.8% in the last 24 hours was spurred by the federal reserve’s december consumer price index report, which showed that inflation in the u.s. economy is indeed slowing. the collapse of ftx in november has also had lawmakers on high alert, as former ceo sam bankman-fried was arrested last month and charged with eight crimes, including wire fraud and campaign finance violations.

2: the u.s. house republicans announced plans yesterday for a subcommittee dedicated to cryptocurrency, and bitcoin’s upward moves have many on crypto twitter celebrating. the sec has increased its scrutiny of the crypto market as of late, bringing fresh charges against major players, including yesterday’s charges against cryptocurrency exchange gemini and crypto broker genesis for securities laws violations over an “earn” program.

3: bitcoin started the week trading at $17,207 on monday and has continued an upward trajectory ever since. $20,000 is still 71% lower than bitcoin’s previous all-time high of just over $69,000, but it hasn’t been priced this high since early november, according to data from coingecko. more than $72 billion in crypto has been traded in the last day, and the broader crypto market is also showing signs of life. the cpi report was welcomed news for both traditional and crypto investors, as it provided a boost of confidence in the economy and drove up demand for bitcoin.

By Evey Lovelace

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