Bitcoin Surpasses $23,000 Before Pulling Back

The largest cryptocurrency by market capitalization was recently trading above $22,750, roughly flat over the past 24 hours but up more than 8% over the past week. Bitcoin has risen around 37% this year as investors dismiss various headwinds from the crypto industry, most recently Genesis Global Holdco LLC filed for Chapter 11 bankruptcy protection, albeit in an e e-mail to CoinDesk, Joe DiPasquale, CEO of crypto fund manager BitBull Capital, said the upside was typical of early quarters and noted “a long period of consolidation that saw shorts pile up.”

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