Bitcoin surges past $23,000 before retreating

The largest cryptocurrency by market cap recently traded above $22,750, roughly flat over the past 24 hours but up more than 8% over the past week. Bitcoin is up about 37% this year as investors shrug off various headwinds from the crypto industry, most recently Genesis Global Holdco LLC filed for Chapter 11 bankruptcy protection, but in an email to CoinDesk Joe DiPasquale, CEO of crypto fund manager BitBull Capital, said the uptick was typical of first quarters and noted “a long period of consolidation that saw shorts accumulate.”