Bitcoin couldn’t be stopped this year.

Countless bearish scenarios played out that might have left a significant dent in the asset class. After the FTX scandal exploded last year, sending the crypto market into a death spiral, some asked whether Bitcoin could recover.

Later on, a banking crisis ensued, with tech- and crypto-friendly banks like Silicon Valley Bank, Silvergate, Signature, and Prime Trust shutting up shop. Up until they were shut down, Silvergate and Signature had provided integral payment rails for institutions to settle crypto transactions with one another.

Then the U.S. Securities and Exchange Commission and Department of Justice hit Binance, the world’s biggest crypto exchange, with lawsuits and criminal charges. It wasn’t a direct hit to Bitcoin, but questions swirled about whether the crypto industry was about to lose an institution that handles a huge swath of its trades—including 8% of all Bitcoin volume.

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Author: Mathew Di Salvo

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