The price of bitcoin briefly topped $29,000 on March 30, setting a new high for the year, despite the recent U.S. regulatory crackdown on crypto firms and related uncertainty.
Bitcoin’s price hit $29,132.82 on March 30, a level last seen before the collapse of cryptocurrency exchange FTX in early November 2022, according to data from Cointelegraph Markets Pro. The growth comes despite a series of regulatory crackdowns in recent days, such as the U.S. Commodity Futures Trading Commission’s March 27 lawsuit against Binance and its CEO Changpeng “CZ” Zhao.
Bitcoin's price bounced back after such a stunning development, surprising many industry commentators. Some believe this is due to speculation that the lawsuit will only impose a small fine on the leading cryptocurrency exchange by trading volume. Despite the turmoil in the global banking sector, the Crypto Fear and Greed Index designed to provide a numerical representation of the current “sentiment and sentiment” toward bitcoin and other large cryptocurrencies has been steadily rising over the past month.
Some traders believe that the recent price rebound may be due to a large number of traders buying back, which has more to do with their buying strategies than fundamentals.
