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Bitcoin (BTC) Scores Another Month in Green as Rally Picks up Steam

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Wed, 1/03/2023 - 9:55
Bitcoin (BTC) Scores Another Month in Green as Rally Picks up Steam
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Bitcoin, the world's preeminent cryptocurrency, managed to claim yet another month in the green, February.

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The latest Bitstamp data reveals that the stalwart crypto climbed by a not-so-impressive 0.04% during this period.

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Meanwhile, the second largest cryptocurrency on the market by market capitalization, Ether, enjoyed a swell of 1.27%.

Bitcoin's modest February gains are remarkable given the brief sell-off of the crypto market earlier in the month.

This resulted from a regulatory clampdown on crypto firms in the U.S. The enforcement measures against crypto trading platform Kraken, as well as the New York State Department of Financial Services' (NYDFS) order requiring Kraken to stop minting the BUSD stablecoin represents regulatory barriers that the crypto market has had to contend with.

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Moreover, the broader macro picture remains somehow unfavorable for Bitcoin as the U.S. Federal Reserve remains determined to tackle inflation.

Nonetheless, it seems that the impact of these challenges on the overall crypto market has been somewhat muted, with both Bitcoin and Ether conclusively wrapping up February in positive territory.

After experiencing a brief period of bearishness, Bitcoin resolutely bounced back in late February buoyed by a series of favorable news emanating from Hong Kong.

The flagship cryptocurrency is still down 65.62% from its all-time high.

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