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)