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Home » Bitcoin Price Soars To $29K Amidst Binance Crackdown

Bitcoin Price Soars To $29K Amidst Binance Crackdown

Hania by Hania
March 30, 2023
in Bitcoin News
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Bitcoin Price Stabilizes As $31,000 Roadblock Holds – What Can You Do To Maintain Profitable BTC Positions?
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Despite ongoing crypto crackdowns, Bitcoin’s price briefly surpassed $29,000 on March 30, 2023, marking a new high for the year.

The price of Bitcoin nearly surpassed $29,000 on March 30, setting a new annual high despite recent regulatory crackdowns on crypto companies in the United States and related uncertainty. Bitcoin’s price reached $29,132.82 on March 30, reaching levels last seen shortly prior to the bankruptcy of cryptocurrency exchange FTX in early November 2022.

Bitcoin Price Soars To $29K Amidst Binance Crackdown

The surge has occurred despite a number of regulatory crackdowns in recent days, such as the United States Commodity Futures Trading Commission lawsuit filed on March 27 against Binance and its CEO Changpeng “CZ” Zhao.

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Some industry observers were surprised by Bitcoin’s price recovery following such a cataclysmic activity. Some feel this is because of rumours that the lawsuit will only result in minimal fines 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 been consistently rising over the past month, despite global banking volatility.

Bitcoin Price Soars to $29K Amidst Binance Crackdown
Source: Alternative.me

Several traders have stated that recent price increases may have been the result of large-volume traders re-entering the market, which was driven more by their buying techniques than by fundamentals.

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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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