Despite legal action looking at Binance straight in the face, the price of BTC clocked a new high, reaching $29,000 on March 30.
As of 4:16 p.m. in New York, Bitcoin rose 4% over the last 24 hours to $28,434, according to Messari. The market value of tokens rose this quarter by 71% to $549 billion.
The second-largest cryptocurrency, ether, increased 1.7% to $1,808.29.
This is a new record for BTC in 2023, especially a time where Binance, one of the biggest cryptocurrency company is facing a shakedown from United States Commodity Features Trading Commission (CFTC).
Since the FTX problem, the cryptocurrency has traded for less than $17,000.
One of the indicators to bitcoin rising is the successful asset sale between Sillicon Valley and First Citizen which, at a discount of $16.5 billion, purchased an extraordinary credit line from the Federal Deposit Insurance Corporation to cover any potential losses.
While this has raised the confidence level of crypto investors and traders, the Federal Reserve introduced the Bank Term Financing Program, often known as BTFP, as a lending initiative to help banks fulfil their obligations to depositors in an effort to minimize the effects of the banking crisis.
In the case of Binance, while the CEO, CZ shows a lot of confident in his tweets, Investors and traders are not taking the lawsuit against the company serious. They are predicting that the lawsuit would only result in minimal fines for the largest cryptocurrency exchange by volume of transactions.
Also, in spite of the head-to-head fight between Binance and CFTC, several traders contend that rather than being driven by fundamentals, recent price rises may have been the result of huge buyup traders re-entering the market.
Not only are crypto holders holding unto hope, the Bitcoin market hit is causing a significant shift in the mining activity on the BTC network.
According to Onchained, the high network activity on the Bitcoin blockchain has been caused by the price increase of BTC since the year’s beginning.
The demand for block space on the network has increased as a result. Also, users had to charge miners to encourage them to prioritize their transactions above others in the mempool, which increased the total mining fees.
the recent surge in the price of Bitcoin to $29,000 amidst the Binance shakedown and regulatory concerns is a testament to the resilience and potential of cryptocurrency. While the legal action against Binance continues to loom, investors and traders seem to be unfazed and confident in the future of digital currencies.
The current situation demonstrates the dynamic nature of the cryptocurrency market and its ability to adapt to changing circumstances. As the industry continues to evolve, it will be interesting to see how the market responds to new developments and challenges.
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