February 20, 2023

Cryptocurrency roundup for February 20: Bank of Japan to launch a pilot program for digital yen and more

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Bitcoin Surges Past $25,000 Amid Regulatory Crackdowns in the U.S.

Bitcoin’s price surged to its highest level in over eight months, breaking through the $25,000 mark last week. This comes in the wake of increased regulatory pressure on the cryptocurrency industry in the United States. Paxos, for example, is under scrutiny for its BUSD issuance, while the Securities and Exchange Commission has been cracking down on Kraken’s crypto staking plans. The positive price action of Bitcoin led to double-digit gains for major tokens like ETH, ADA, and MATIC. CloutContracts emerged as the biggest gainer, with its native token CCS rallying almost 17-fold in just a week. Other significant gainers included FLOKI, BOTTO, VELA, and TRU. The stock prices of publicly traded crypto companies were also on the rise last week. MicroStrategy saw a 22% increase in its stock price, while Coinbase rose 17% following renewed interest from Cathie Wood’s Ark Invest, which acquired an additional $6.7 million worth of Coinbase shares. Silvergate also saw its stock price surge 28.5% to $22 mid-week, although its price action was more volatile than the others.

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