Bitcoin Price Briefly Hits $29K Despite Recent Binance Crackdown

On March 30, the price of Bitcoin reached a new all-time high for 2023, temporarily surpassing $29,000 for the first time. This occurred in spite of escalating crypto crackdowns.

On March 30, the price of Bitcoin reached $28,620 and then momentarily above $29,000, establishing a new high for the year. This occurred despite recent regulatory crackdowns in the United States on crypto businesses and the attendant uncertainty. On March 30, the price of Bitcoin reportedly reached $29,132.82, reaching levels that were seen immediately before the failure of the cryptocurrency exchange FTX in the beginning of November 2022. This information comes from Cointelegraph Markets Pro.

In spite of a number of regulatory crackdowns in recent days, such as the United States Commodities Futures Trading Commission’s lawsuit against Binance and its CEO Changpeng “CZ” Zhao on March 27, the exchange’s trading volume has been on the rise.

Several analysts and pundits in the financial sector were taken aback by the fact that the price of bitcoin was able to recover after such a seismic event. Some people think this is because of rumors that the case will only result in relatively low fines for the cryptocurrency exchange that processes the most transactions.

The Crypto Fear and Greed Index, which seeks to numerically present the current “emotions and sentiments” toward Bitcoin and other large cryptocurrencies, has been steadily increasing over the past month despite wobbles in the global banking sector. The index is designed to present the current “emotions and sentiments” toward Bitcoin and other large cryptocurrencies.

The recent price rebounds may have been caused by large-volume traders buying back in, which was more tied to the buying techniques of these traders than it was to the fundamentals of the market, according to the arguments of some traders.