Last year was a rough one for cryptocurrencies as Bitcoin, the largest digital asset in the world, lost nearly 65% of its market value.
Crypto enthusiasts were caught off guard by a series of unfortunate events such as the Terra Luna crash, the collapse of major exchange FTX, and unfavourable macroeconomic conditions.
In 2023, Bitcoin is recovering amid upside momentum, partly attributed to encouraging macroeconomic conditions.
Moreover, the deteriorating condition of the US banking system has prompted investors to look for alternatives to traditional financial instruments.
This year Bitcoin has rallied by 80% above last year, though the asset is still down almost 50% from its record high of US$69,000 in November 2021.
“Last year was one of the toughest for the cryptocurrency space, with many digital asset operators going bankrupt,” said Jirayut Srupsrisopa,…
