The cryptocurrency market continued its rally on Friday as Bitcoin hit a high of just over $20,000 per coin.
Bitcoin hasn’t been priced this high since early November, according to data from CoinGecko, before the spectacular collapse of FTX.
The broader crypto market is also showing signs of life as the total market capitalization of the industry currently stands at $979 billion, an increase of 3.8% in the last 24 hours. More than $72 billion in crypto has been traded in the last day, according to CoinGecko.
The price of BTC began to climb earlier this week in anticipation of the release of the Federal Reserve’s December Consumer Price Index report. Bitcoin started the week trading at $17,207 on Monday and has continued an upward trajectory ever since. The CPI report met market expectations and showed that inflation in the U.S. economy is indeed slowing.
The report was welcomed news for both traditional and crypto investors. But it also comes at a time when there is a renewed focus on crypto in Washington, D.C. The collapse of FTX in November has lawmakers on high alert. FTX…