03-30-2023 icon

Bitcoin Price Temporarily Exceeded $29K Amid Current Binance Clampdown 

By Lucy Adegbe

The market value of the largest digital currency Bitcoin momentarily crossed over $29,000, in the early hours of Thursday, setting the latest peak for 2023, notwithstanding the current US managerial clampdown on digital currency companies amongst other connected uncertainty. 

As illustrated by Cointelegraph Markets Pro, the trade rate of BTC hit exactly $29,132.82, on Thursday, attaining a level that was last witnessed right before the fall of the digital currency trading platform FTX in the early periods of the past November. 

The boost follows regardless of the series of managerial clampdowns within the past days, like the US Commodity Futures Trading Commission’s filings against Binance exchange and its founder Changpeng Zhao on Monday. 

Bitcoin’s trade value comeback amid such jaw-dropping development kept so many industry analysts in awe. Many suppose that such action is due to assumptions that the charges may only incur insignificant fines for the biggest crypto trading platform by trade volume. 

The digital currency Fear and Greed Index, targeted at statistically displaying the recent “emotions and sentiments” around BTC and other digital currencies, has been on a stable rise in recent weeks, notwithstanding the instability in the worldwide finance industry. 

Several market traders have contended that this may be a result of the current trade rate rebound resulting from major traders’ re-acquisition.