Bitcoin Hits New High of $29k Despite Recent Binance Crackdown

Bitcoin Hits 29000

On March 30th, the price of Bitcoin surged to a new 2023 high, briefly crossing the $29,000 mark, despite ongoing regulatory crackdowns on crypto firms and uncertainty in the United States. 

This increase is particularly notable given recent actions by the United States Commodity Futures Trading Commission against Binance and its CEO, Changpeng Zhao

However, some in the industry suggest that the lawsuit may only result in minor fines, which may have contributed to the price increase.

The Crypto Fear and Greed Index, which provides a numerical representation of current sentiment toward Bitcoin and other major cryptocurrencies, has been steadily increasing over the past month. 

Nonetheless, some traders argue that recent price rebounds may have resulted from large-volume traders buying back in, driven more by their buying strategies than market fundamentals.

According to Cointelegraph Markets Pro, Bitcoin reached $29,132.82 on March 30th, the highest level since just before the November 2022 collapse of cryptocurrency exchange FTX. While there is some uncertainty in the regulatory environment, Bitcoin’s recent price surge suggests that the market remains optimistic about its future prospects.