Bitcoin worth briefly hits $29K regardless of latest Binance crackdown

The value of Bitcoin (BTC) briefly tipped over $29,000 on March 30, recording a brand new excessive for the 12 months, regardless of latest United States regulatory crackdowns on crypto companies and associated uncertainty. 

In accordance with Cointelegraph Markets Professional, the value of Bitcoin reached $29,132.82 on March 30, reaching ranges seen simply earlier than the collapse of cryptocurrency trade FTX in early November 2022.

Bitcoin’s worth over 24 hours. Supply: Cointelegraph Markets Professional

The rise comes regardless of a spread of regulatory crackdowns in latest days, corresponding to america Commodity Futures Buying and selling Fee lawsuit towards Binance and its CEO Changpeng “CZ” Zhao on March 27.

Bitcoin’s worth bounce-back within the wake of such a bombshell growth drew shock from many industry commentators. Some imagine this is because of hypothesis the lawsuit will solely end in minor fines for the main crypto trade by transaction quantity.

Associated: Bitcoin price jumps above $28K after 1.5K BTC shorts ‘blown out’

The Crypto Concern and Greed Index — which goals to numerically current the present “feelings and sentiments” towards Bitcoin and different massive cryptocurrencies — has been steadily growing during the last month, regardless of wobbles in the global banking sector.

The crypto Concern & Greed Index. Supply:

Some merchants have argued that the latest worth rebounds could have been as a result of large-volume merchants shopping for again in, which was extra associated to their buying strategies rather than fundamentals.