Despite a few apparent setbacks, like the change of leadership at Binance, Bitcoin’s ongoing upward trend is turning into a runaway success as the price has crossed the $40,000 mark.Things have been going well for Bitcoin as of late. Not only has the general trend in its valuation been a steady increase throughout the entirety of 2023, but September has also seen this steady growth kick up a notch. Although there are sometimes claims that this growth will taper off or reverse, the beginning of December has shown that quite the opposite is true: It’s looking like a real bull market out there. At the beginning of September, it was valued at $25,000 and it crossed the $40,000 mark shortly into December.
One of the most obvious signals that the hype train would slow down has been the events at Binance. Although it was the world’s largest digital asset exchange in November, the company has pled guilty to financial crimes in the US, prompting the CEO’s exit and billion-dollar fees on top of this exchange losing its crown. As competitors have moved in to take bites out of Coinbase’s market share, one question has stood out to skeptics: Why isn’t Bitcoin hurting more? When the world’s number one exchange has failed in the industry, like with Mt. Gox or FTX, it has often taken a severe bite out of bitcoin. “Crypto” seems to be hurting badly right now, but bitcoin’s looking shinier than it has in a year and a half. Where did this sturdiness come from, in such an otherwise volatile asset?