The price of Bitcoin hit $29,132.82, at levels seen just prior to the collapse of crypto currency exchange FTX in early November 2022
Bitcoin, the biggest crypto currency in terms of market value, briefly topped $29,000 on Thursday, hitting a new peak for 2023, in spite of US Commodity Futures Trading Commission (CFTC) clamping down on crypto leader Binance.
The price of Bitcoin hit $29,132.82 today, at levels seen just prior to the collapse of crypto currency exchange FTX in early November 2022, according to Cointelegraph Markets Pro.
Bitcoin, the world’s biggest digital asset is again trading higher than the $28,000 mark because of highly volatile macroeconomic environment in leading economies such as US and UK. Bitcoin is struggling to find strong support at the $28,000 mark but BTC dominance is at 9 months high at 46.36 per cent, which shows that Bitcoin is drawing smart money and Decentralized finance believers, according to Om Malviya, President of a blockchain adoption entity Tezos India.
One of the causes behind the latest Bitcoin rally is Bitcoin halving which is set for May next year. As we near the grand crypto event (Bitcoin halving), we anticipate wild sways in the prices of Bitcoin, going by historical evidence, he said.
It is necessary to note that Bitcoin is more than 65 per cent lower than its all-time peak of $69,000 in November 2021. The overall crypto market cap is 4.32 per cent higher and sits at the $1.18 trillion level with Bitcoin and Ether leading the gains, he said.
On Wednesday, Bitcoin rose 4.9 per cent to $28,638. It had jumped to just below $29,000 on 22 March, the highest since June.
This is a little bit of a moment for crypto, according to Peter van Dooijeweert at Man Solutions.
Bitcoin hit a 10-day low on Monday as Binance was sued by the US Commodity Futures Trading Commission for supposedly breaching trading and derivatives rules.
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