Bitcoin is already up 50% this year — beating stocks and gold

On Jan. 1, bitcoin began trading at just over $16,500. On Wednesday, it was hovering around the $25,000 mark, thanks to a rally that began on Sunday.

The recent rise has come as somewhat of a surprise, given the closure of Silvergate Capital and Signature Bank, two of the biggest lenders to the crypto industry.

Industry insiders said the anticipation of a slower pace of interest rate hikes from the U.S. Federal Reserve is helping bitcoin.Bitcoin is up 50% so far in 2023, beating major commodities and stock indexes. Industry insiders said the bank collapses have sent investors looking for alternatives to the traditional banking system and there is also anticipation of a slowdown in interest rate rises, which is helping bitcoin.

On Jan. 1, bitcoin began trading at just over $16,500. On Wednesday, it was hovering around the $25,000 mark, thanks to aThe surge in price this year comes after bitcoin crashed 65% in 2022 after a number of major collapses of projects

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