With bitcoin surging to highs of $23K and Paxos raising a monster funding round, CoinDesk’s Market’s Daily is back with another crypto news roundup.

This episode is sponsored by Crypto.com and Nexo.io.

Today's stories:

Bitcoin Drops Nearly 7% After Setting New Record High of $23,770

Bitcoin surged to new record highs above $23,000 earlier on Thursday, before quickly falling back by over $1,500.

Paxos Raises $142M Series C Following PayPal Deal, OCC Bank Charter Application

Paxos has raised $142 million to facilitate mainstream adoption. “We think that opportunity is now,” said CEO Charles Cascarilla.

The Big Banks Riding Bitcoin’s Bull Run

Banks joined the crypto conversation as bitcoin marched to $20,000. Here’s a list of recent crypto developments in the banking sector.

Above $100: Litecoin Hits Highest Price Since Summer 2019

Litecoin hasn’t been in three figures since its second mining reward halving in 2019.