Despite Carnage in Crypto Industry, Bitcoin Soared 40% This January

Bitcoin has had a great run with a near 40% rise this year, even after Genesis, a crypto lender declared bankruptcy months after FTX sunk in November. Let us decipher the driving force behind the cryptocurrency rally. Most markets have their peak sales in January as money is deployed then by fund managers, according to industry insiders. This year has seen a rise in risk assets as NASDAQ registered an 8.8% gain. Bitcoin on the other hand was massively shorted after FTX caved in last year. This January during crypto’s unexpected price rise, short sellers closed their positions to buy