Bitcoin Breaks $29,000 Despite Binance’s Legal Troubles
Bitcoin, the largest cryptocurrency by market capitalization, briefly topped $29,000 on Thursday, registering a new high for the year, despite the US Commodity Futures Trading Commission (CFTC) cracking down on crypto giant Binance.
Bitcoin, the largest cryptocurrency by market capitalization, briefly topped $29,000 on Thursday, registering a new high for the year, despite the US Commodity Futures Trading Commission (CFTC) cracking down on crypto giant Binance.
The price of Bitcoin reached $29,132.82 today, at levels seen just before the collapse of cryptocurrency exchange FTX early last November, according to Cointelegraph Markets Pro.
The price of Bitcoin reached $29,132.82 today, at levels seen just before the collapse of cryptocurrency exchange FTX early last November, according to Cointelegraph Markets Pro.
“Bitcoin, the world’s largest digital asset, is again trading above the $28,000 level due to highly volatile macroeconomic conditions in major economies such as the US and UK. Bitcoin is struggling to find solid support at the $28,000 level, but BTC dominance is at a 9-month high at 46.36%, showing that Bitcoin is attracting smart money and Defi believers,” said Om Malviya, president of blockchain adoption unit Tezos India.
“Bitcoin, the world’s largest digital asset, is again trading above the $28,000 level due to highly volatile macroeconomic conditions in major economies such as the US and UK. Bitcoin is struggling to find solid support at the $28,000 level, but BTC dominance is at a 9-month high at 46.36%, showing that Bitcoin is attracting smart money and Defi believers,” said Om Malviya, president of blockchain adoption unit Tezos India.
“One of the reasons for the recent Bitcoin rally is the Bitcoin halving that will happen in May 2024. As we approach the mega crypto event (BTC halving), we can expect wild swings in BTC prices, if we go by historical evidence,” Malviya said.
“One of the reasons for the recent Bitcoin rally is the Bitcoin halving that will happen in May 2024. As we approach the mega crypto event (BTC halving), we can expect wild swings in BTC prices, if we go by historical evidence,” Malviya said.
“It’s important to note that BTC is down over 65% from its all-time high of $69,000 in November 2021. The total crypto market cap is up 4.32% to $1.18 trillion, with BTC and ETH leading the charge “, Malviya added.
“It’s important to note that BTC is down over 65% from its all-time high of $69,000 in November 2021. The total crypto market cap is up 4.32% to $1.18 trillion, with BTC and ETH leading the charge “, Malviya added.
On Wednesday, Bitcoin rose as much as 4.9% to $28,638. It had climbed to just below $29,000 on March 22, its highest since June.
On Wednesday, Bitcoin rose as much as 4.9% to $28,638. It had climbed to just below $29,000 on March 22, its highest since June.
“This is quite a moment for the crypto universe,” said Peter van Dooijeweert at Man Solutions.
“This is quite a moment for the crypto universe,” said Peter van Dooijeweert at Man Solutions.
Bitcoin hit a 10-day low on Monday after Binance was sued by the US CFTC for allegedly violating trading and derivatives rules. Binance said it did not agree with the characterization of many of the issues alleged in the complaint.
Bitcoin hit a 10-day low on Monday after Binance was sued by the US CFTC for allegedly violating trading and derivatives rules. Binance said it did not agree with the characterization of many of the issues alleged in the complaint.
Investors withdrew $1.6 billion in cryptocurrency from Binance, blockchain data tracker Nansen said.
Investors withdrew $1.6 billion in cryptocurrency from Binance, blockchain data tracker Nansen said.
Since the lawsuit, Binance has seen $1.6 billion in total withdrawals and $852 million in the past 24 hours, up from its average of $385 million per day over the past two weeks.
Since the lawsuit, Binance has seen $1.6 billion in total withdrawals and $852 million in the past 24 hours, up from its average of $385 million per day over the past two weeks.
