Despite ongoing crypto crackdowns, Bitcoin’s price momentarily surpassed $29,000 on March 30, 2023, marking a new peak for the year.
The price of Bitcoin momentarily surpassed $29,000 on March 30, setting a new annual high despite recent regulatory crackdowns on crypto firms in the United States and related uncertainty.
Bitcoin hit $29,132.82 on March 30, 2022, the highest price since before the demise of cryptocurrency exchange FTX in early November 2022, according to data compiled by Cointelegraph Markets Pro.
There have been several governmental crackdowns recently, but Binance has still seen a rise despite this. On March 27th, the United States Commodity Futures Trading Commission filed a complaint against Binance and its CEO, Changpeng “CZ” Zhao.
Numerous industry commentators were surprised by Bitcoin’s price recovery following such a seismic event. Some believe this is because of rumors that the litigation will only result in minor penalties for the largest cryptocurrency exchange by transaction volume.
The Crypto Fear and Greed Index, which attempts to quantify the current “emotions and sentiments” regarding Bitcoin and other major cryptocurrencies, has consistently risen over the past month, despite global banking volatility.
Some traders have argued that recent price increases may have resulted from large-volume traders re-entering the market, which was driven more by their purchasing strategies than by fundamentals.