Led by Bitcoin, blockchain industry starts 2023 off strong: Report
2023 is off to a great start, with Bitcoin (BTC) rocketing up 40% in January. The good news is not relegated to just Bitcoin, however, as this price increase has sent ripple effects across the cryptoverse. Mining revenue jumped $22.66 million in January, and crypto-related stocks doubled on average. Despite this good news, venture capital investments are down 23% from the previous month.
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Bitcoin posted its best monthly price performance since October 2021, gaining almost 40% in January. After benefiting from a Consumer Price Index print that showed inflation slowing in December 2022, crypto and stock prices began to cool as retail data missed expectations and earnings diminished. As BTC’s price hit a multi-month high of $23,920 on Jan. 29, all eyes turned to the Feb. 1 meeting of the Federal Open Market Committee, which raised its benchmark interest rate by 25 basis points, citing easing but still elevated inflation. BTC saw little volatility around the $23,000 level, suggesting the news was priced in.
As BTC gained bullish momentum in January, centralized exchange inflows and outflows normalized. The largest monthly outflow of coins in history occurred after the FTX collapse in November 2022, hitting 200,000 BTC/month across all exchanges. The net
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