Bitcoin Surges Past $23K Before Retreating

The largest cryptocurrency by market capitalization was recently trading above $22,750, roughly flat for the last 24 hours but up more than 8% during the past week. Bitcoin has risen roughly 37% this year as investors dismiss various crypto industry headwinds, most recently Genesis Global Holdco LLC filing for Chapter 11 bankruptcy protection, although in an email to CoinDesk, Joe DiPasquale, CEO of crypto fund manager BitBull Capital, said that the rise was typical for first quarters and noted “a long consolidation period that saw shorts accumlating.”