Bitcoin (BTC) prices have seen a massive rally at the weekend after surging past $23,000 USD and settling later on Sunday. BTC’s market capitalisation reached up to $23,051.72, according to data from CoinMarketCap.
Despite this, the crypto comeback also comes amid a major price adjustment following a bearish 2022, which saw the collapse of Three Arrows Capital (3AC), Voyager, and disgraced crypto platform FTX.
The news has restored optimism for many crypto traders and investors, namely as many laud its return to over $20,000 following a massive slump from July to December.
Crypto intelligence platform Santiment tweeted on Friday: “Bitcoin has now surpassed $22.7k for the first time since August 18, 2022. The price rise has come as the large whale tier group of addresses holding 1,000 to 10,000 $BTC has collectively accumulated 64,638 ($1.46 billion) $BTC in the past 15 days.”
Other major cryptocurrencies such as Ethereum, Dogecoin, Cardano, Solana, and many others jumped amid the huge rally.
Potential Contributors to BTC Rally
The news comes amid an email Binance sent to its users that SWIFT would not allow transfers less than $100,000 USD. The new rule will take effect on 1 February, Bloomberg reported on Sunday.
Signature Bank, Binance’s banking partner, initiated the measures, prompting Binance to seek a new banking partner. The news also comes amid allegations from US authorities that Binance helped contribute to transactions linked to crypto exchange Bitzlato and Russian darkweb space Hydra.
Additional market contributions have fuelled skyrocketing prices, including the collapse of Genesis Holdings. The cryptocurrency lending firm filed for Chapter 11 bankruptcy on Friday.
The enterprise remains locked in a massive row with crypto trading firm Gemini over its Earn programme, which ceased withdrawals in mid-November. Over 340,000 clients have lost access to over $900 million USD in online holdings.
