The price of Bitcoin (BTC) briefly tipped above $29,000 on March 30, registering a new high for the year, despite recent US regulatory crackdowns on crypto firms and related uncertainty.
According to Cointelegraph Markets Pro, the price of Bitcoin reached $29,132.82 on March 30, reaching levels just before the collapse of the FTX cryptocurrency exchange in early November 2022.
The increase comes despite a number of regulatory interventions in recent days, such as the US Commodity Futures Trading Commission lawsuit against Binance and its CEO Changpeng “CZ”[ads1]; Zhao on March 27.
Bitcoin’s price pullback in the wake of such a bombshell development drew surprise from many industry commentators. Some believe this is due to speculation that the lawsuit will only result in minor fines for the leading crypto exchange by transaction volume.
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The Crypto Fear and Greed Index – which aims to numerically present the current “feelings and sentiments” towards Bitcoin and other major cryptocurrencies – has steadily increased over the past month, despite gyrations in the global banking sector.
Some traders have argued that the recent price gains may have been due to large volume traders buying back, which was more related to their buying strategies rather than fundamentals.