In the month of March 30th, the Bitcoin prices, or the BTC that had come down to $28,338, momentarily crossed the $29,000 mark, setting a new record for the entire year in spite of recent governmental reprisals on cryptocurrency businesses in the U.S and accompanying concerns.
Bitcoin’s price, as per reports, rose to levels last seen right before the demise of crypto trading FTX around November in the past year, reaching $29,132.82 on March 30. The growth occurs in spite of recent regulatory crackdowns, including the March 27 lawsuit filed by the US Commodities Futures Commission of Trading between Binance itself and CEO “CZ” Changpeng Zhao.
Bitcoin’s Shocking Recovery Surprises Experts
Several industry experts were taken aback by Bitcoin’s price recovery after such a shocking incident. According to others, this is because it is predicted that the case would only come down to minimal fines for perhaps the largest cryptocurrency exchange by the number of transactions.
The Crypto Fear and Greed Index has been gradually rising over the past month despite tremors in the world financial industry. This index tries to statistically portray the current “behaviors and attitudes” towards Bitcoin and other significant cryptocurrencies. It has previously been discussed by certain significant traders the rebound as seen in the recent currencies might have been caused by the huge number of traders buying as well as coming back into the market once again. This they believe, has more connection with their strategy as buyers rather than as fundamentalists. However, if the price declines from the present levels to result in a daily trend line close below $28,000, things might go wrong for the biggest cryptocurrency by the market price. Such an action would result in turn sell orders, which would cause Bitcoin to decline to $27,500 or $25,000.