Bitcoin Surged Past $30,000. Is Another Crypto Boom on the Way?
A rally in the world’s biggest cryptocurrency has some heralding the end of crypto winter, but a true thaw-out may still be a while away.
When Bitcoin plunged from around $30,000 to below $20,000 in little more than a week last year, Three Arrows Capital co-founder Su Zhu described the tailspin as the “nail in the coffin” for his hedge fund.
Fast forward to today, and the largest cryptocurrency has just retraced that path from $20,000 back to $30,000 in the past month — but the industry is a shadow of what it was the last time the token crossed that milestone. That’s because several more caskets were hammered shut in the domino-like wave of bankruptcies that followed Three Arrows’ collapse: Voyager Digital, Celsius, FTX, Blockfi, Genesis Global, and other formerly high-flying startups.