Bitcoin had a tough 2022. Now investors are looking toward 2023 with caution when it comes to cryptocurrencies.
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Bitcoin continued its climb Monday as traders took news of another crypto bankruptcy in their stride and placed bets on a Federal Reserve “pivot” to cutting interest rates.
The price of the No. 1 token briefly topped $23,100 Monday, after touching $23,333.83 Saturday for the first time since Aug. 19, according to Coin Metrics. The jump brings bitcoin up almost 39% since the start of January.
Ether, the second-biggest digital coin, rallied as high as $1,664.78 on Saturday. That’s the first time it has surpassed $1,600 since Nov. 7, 2022. It was last trading at $1,637.40 apiece.
Bitcoin has kicked off 2023 on a positive note, with investors hoping for a reversal in the monetary tightening that spooked market players last year.
The Fed and other central banks began cutting interest rates in 2022, shocking holders of risky asset classes,…
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