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Bitcoin on the rise: Here's what you need to knowDespite the woes of companies like FTX and Binance, bitcoin prices have surged % this year to top $ Here's why. The main reason was due to the Federal Reserve's approach towards a hike in interest rates, rising trust towards decentralized finance after the banking fiasco. January Crypto Market Performance Bitcoin prices briefly jumped to new week highs near $49, in January on the day the SEC approved spot.