Bitcoin is booming again, just weeks after the downfall of two of the industry’s biggest names. Bulls are hoping the prosecutions draw a line under the sector’s troubled past and will allow it to tap billions of dollars of cash from Wall Street.
The price of the most actively traded cryptocurrency has soared about 160 per cent this year to a 20-month high of $44,000, leading the charge among digital tokens as the gloomy sentiment that has hung over the market fades and traders pile back in.
It comes only weeks after the US successfully secured criminal prosecutions against Changpeng Zhao and Sam Bankman-Fried, the former chiefs of the Binance and FTX exchanges respectively and two of the biggest names associated with the bubble market of 2020-21.