Bitcoin, the largest cryptocurrency by market cap, briefly rose above $29,000 on Thursday, setting a new year-high despite the US Commodity Futures Trading Commission (CFTC) crackdown on crypto giant Binance.
The price of bitcoin reached $29,132.82 today, according to Cointelegraph Markets Pro. These levels were reached just before the collapse of cryptocurrency exchange FTX in early November of last year.
“Bitcoin, the world’s biggest advanced resource is again exchanging above $28,000 level because of profoundly unpredictable macroeconomic circumstances in significant economies like US and UK. “Om Malviya, president of blockchain adoption arm Tezos India, stated that while bitcoin is struggling to find firm support at the $28,000 level, BTC dominance is at a 9-month high of 46.36 percent, indicating that bitcoin is attracting smart money and DeFi believers.”
“The bitcoin halving that is scheduled to occur in May 2024 is one of the reasons for the most recent rally in the cryptocurrency. If we look at past patterns, we can anticipate wild price swings as the mega crypto event (BTC halving) gets closer. Check out the evidence. Added Malaviya.
It is essential to keep in mind that Bitcoin has fallen by more than 65 percent since reaching its all-time high of $69,000 in November 2021. Together with BTC and ETH, the total market cap of all cryptocurrencies is $1.18 trillion, or 4.32 percent. Malviya went on.
Bitcoin rose 4.9 percent to $28,638 on Wednesday. On March 22, it reached a level below $29,000, its highest level since June.
Pieter van Duijveert of MAN Solutions stated, “This is a small moment for the crypto universe.”
After Binance was sued by the US CFTC for allegedly violating trading and derivatives regulations, Bitcoin fell to a 10-day low on Monday. Binance stated that it disagrees with the way the complaint describes many of the issues.
According to blockchain data tracker Nansen, investors withdrew cryptocurrency worth $1.6 billion from Binance.
In the 24 hours since the lawsuit, Binance has seen withdrawals totaling $1.6 billion and $852 million, significantly more than the daily average of $385 million for the previous two weeks.
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