Crypto’s benchmark cryptocurrency, Bitcoin, has pushed past $17,000 for the first time in 2023 after being range bound for several weeks between $16,380 and $16,975.
Bitcoin has now been on a positive trend since the start of January when it opened the year at $16,482. Bitcoin is up 3.72% over the last seven days and 2.33% in the previous 24 hours, according to CryptoSlate data.
BTC-USD
Why is Bitcoin pumping?
With a lack of significant on-chain developments within the Bitcoin ecosystem, the rally appears unlinked to any news related to the network. Further, noteworthy developments within the crypto space at large to which Bitcoin could react have been scarce.
However, as the dust begins to settle on the FTX news cycle, the use case for Bitcoin in self-custody is stronger than ever. A global financial crisis is looming with continually steep inflation, no end in sight for the war in Ukraine, and growing tensions between China and the West. In addition, the concern over which asset cl
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