Bitcoin (BTC) Price on Thanksgiving 2022

Joshua Ramos

Although 2023 has certainly been a positive for the digital asset industry, last year did not fare the same. Subsequently, with positive moments abounding this year, we take a look back at the performance of the industry’s most prominent asset. Specifically, we observed the Bitcoin (BTC) price on Thanksgiving 2022.

The primary story of 2022 was the collapse of FTX, one of the largest failures the industry had ever seen. Therefore, a host of tokens sported poor performances throughout the tail end of the year. Subsequently, 12 months removed from that, the upcoming Thanksgiving should present a different story.

Conversely, a look at the price of Bitcoin during the important American holiday is an important historical observation that could hold even more information.

Bitcoin Price on Thanksgiving 2022

Also Read: Shiba Inu Price on Thanksgiving 2022

Since the inception of cryptocurrencies, Bitcoin has remained the market’s most prominent. Even now, the entire industry has been influenced by the overall performance of the asset. Subsequently, it has been catapulted into the mainstream with developments that occurred throughout 2023.

However, taking a look back, what was the Bitcoin (BTC) price on Thanksgiving 2022? Interstingly, Statmuse notes that, throughout November of that year, Bitcoin was trading at $17,600.81, which was down 16.2% for the month as a whole.

Moreover, on Thanksgiving 2022, Bitcoin opened at $16,611.64, noting a downturn from the monthly average. Additionally, the asset closed at the price of $16,771.48, showing it ended on a bit of an upswing comparatively. Still, November appeared to be a month of decline for the asset’s overall performance.

Just two days before Thanksgiving 2022, Bitcoin was trading at a low of $15,782.30, marking a clear downslope for the token overall. Ultimately, the month saw it fluctuate throughout that range. Yet, it was unable to match the $20,000 price point it had navigated around at the start of the month.

Indeed, Bitcoin had reached prices of more than $21,000 in the early months of November, reaching $21,345.38 on November 6th. Altogether, the price of the coin has seen a rapid turnaround throughout this year. Currently, Bitcoin (BTC) is trading above the $36,000 mark, having had a massive resurgence throughout this year.

That performance far exceeds the performance of the asset this month last year. However, there were a plethora of circumstances that informed its poor performance throughout November last year.

BTC 2022 Price Explained

Bitcoin cryptocurrencies and graph statistic background

Also Read: Ethereum Price on Thanksgiving 2022

Perhaps the most important contextual piece of Bitcoin’s Thanksgiving 2022 performance is the FTX collapse. The exchange saw its co-founder and executive team arrested for fraud and misappropriation of customer funds. Subsequently, it had massive ramifications for the industry as a whole.

FTX was once a key pillar of strength for crypto, and overnight that disappeared. Thereafter, consumer and investor faith in the entire digital asset sector was shaken. Perhaps a clearer understanding of the effect FTX and the 2022 crypto winter had on Bitcoin is in the November 2022 price predictions.

We projected Bitcoin’s price to fall around the $16,000 mark for Thanksgiving 2022. Moreover, the year prior projected the asset to reach $58,927 for the Thanksgiving season. Therefore, its performance in 2022 was its lowest in two years.

However, it does not appear as though another downturn is likely in the future. Spot Bitcoin ETF applications have renewed investors’ interest and confidence in Bitcoin as an asset. Subsequently, a looming approval could continue to catapult the price. Specifically, it could be in line to reach renewed heights amid the positive sentiment.