Bitcoin momentarily records $29,000 in spite of Binance’s regulatory restrictions

Reportedly, Bitcoin’s rise can be related with the strategies implemented by large-volume traders

Going by sources, Binance is one of the world largest crypto traders
Going by sources, Binance is one of the world largest crypto traders

On March 30, 2023, despite the recent repression of United States regulations on crypto firms, Bitcoin value went over $29,000, stated Cointelegraph. 

As reported by Cointelegraph, the price of bitcoin was $29,132.82 prior to the downfall of FTX, a cryptocurrency exchange, which occurred last year in November. Sources revealed that Bitcoin’s value rose, despite the United States Commodity Futures Trading Commission lawsuit against Changpeng “CZ” Zhao, CEO, Binance, on March 27, 2023.

Reportedly, the comeback of Bitcoin was not expected by many industry critics. Experts suggest that the charges against Binance may be reduced to minor fines. 

It is believed that in spite of the unstable global banking sector, Crypto Fear and Greed Index, a crypto momentum tracker, has been growing since last month, added Cointelegraph. Furthermore, the recent rebound in Bitcoin’s price can be related to the technique of buying back in by large-volume traders, Cointelegraph concluded.  

(With insights from Cointelegraph)

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First published on: 30-03-2023 at 16:00 IST