Summary:

• Bitcoin price has risen by over 19% in one week, reaching $28,300, the highest value in the last 12 months, and is on an upward trend since its dip to $20,000 in early March.
• Despite the changing economic climate and losses in the tech business, the crypto industry has weathered the storm, and Bitcoin enthusiasts are hoping to reach the $40,000 price mark soon.
• However, experts are divided on the industry’s future and the outcome of decentralization falling under strict regulation.

The price of Bitcoin has risen by more than 19% in one week (from March 13 to March 20, 2023). With the surge, the digital asset has appreciated by over $6,000 and currently priced at $28,300 on Monday.

After surviving an early scare in the second week of March, which saw it dip to about $20K, the crypto has been on an upward trend since then.

At its new pricing of $28K, Bitcoin is at its most valuable since the last 12 months as it now appears to have a foot placed firmly on the path to recovering what it lost in the post pandemic era.

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Its previous peak was when it hit $25,000 in the middle of February 2023, which was the first time that the crypto was reaching such valuation in a long time.

Crypto analysts have been divided on what the future holds for the industry, with the tech business, which is crypto’s main user, succumbing to the changing economic climate and recording huge losses.

There have been several crypto casualties as well since the world largely moved on from the COVID breakout including the crash of crypto exchange FTX, closure of crypto-focused financial institutions Silicon Valley Bank and Silvergate Capital.

Despite being a volatile industry, it is impressive that crypto has weathered the storm so far and now trading in the ‘green’ consistently at the end of the first three months of 2023.

Bitcoin enthusiasts will be eyeing the $40,000 price mark soon, which should signal that it is past the worst of times, at least for now.

While several industry experts have decried the involvement of the government and several regulatory bodies, their interference during SVB’s recent crash was positive and credited for Bitcoin (and other cyrpto) surge in value. Although, there are still misgivings as to the ultimate outcome of a decentralised solution falling under strict regulation.

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