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.
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.
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.
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.