As traders set their eyes on $30,000 for the first time in more than nine months, Bitcoin soared back above levels last seen right before the most recent US regulatory crackdown.
The price of Bitcoin temporarily crossed $29,000 on March 30 despite continuous crypto onslaughts. The coin set a new record for 2023.
Recent regulatory crackdowns on cryptocurrency firms in the United States did not stop the coin from rising.
Despite the overall uncertainty, the price of Bitcoin momentarily reached $29,000 on March 30. Such escalation made a new high for the year.
According to Cointelegraph Markets Pro, Bitcoin’s price rose to levels similar to the period between early November 22 and March 30. At that time, it reached $29,132.82 on March 30.
The US Commodity Futures Trading Commission sued the largest cryptocurrency exchange in the world, Binance Holdings Ltd.
Allegedly, Binance violated trading derivatives regulations. In the following days, Bitcoin reached a 10-day low. This is why Bitcoin’s price recovery caught off guard numerous industry professionals. Some claim that the experts anticipated that the lawsuit would only result in minimal fines. The nature of such a verdict is connected to the transaction volume of the largest cryptocurrency exchange.
Despite disquiet in the international banking sector, the Crypto Fear and Greed Index experienced a steady increase over the preceding four weeks. This index aims to quantify current sentiment regarding Bitcoin and other significant cryptocurrencies.
According to several traders, large-volume people re-entering the market caused recent price rebounds. Therefore, such outcome is more related to their buying methods than fundamentals.
The US Commodity Futures Trading Commission sued the largest cryptocurrency exchange in the world, Binance Holdings Ltd.
Investors bet that an interest rate peak is imminent. They expect bank turbulence to subside eventually since it has already contributed to a rise in risk appetite across the market. Therefore, a peak in interest rates helped drive up cryptocurrency prices.
After falling 64% in 2022, the price of bitcoin increased by nearly 70% this year. The spiraling nature of the crypto market predicts a positive outcome.
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