On March 30, despite ongoing regulatory crackdowns in the cryptocurrency industry, the price of BTC briefly surpassed $29,000, reaching a new high for 2023.
The price of Bitcoin reached $29,132.82, which is comparable to the levels seen prior to the collapse of the FTX cryptocurrency exchange in November 2022.
Despite recent regulatory crackdowns, such as the lawsuit filed by the United States Commodity Futures Trading Commission against Binance and its CEO on March 27, Bitcoin’s price bounced back and reached a level comparable to November 2022.
Many industry commentators were surprised by this and believe that the speculation of minor fines for Binance played a role. The Crypto Fear and Greed Index has been steadily increasing over the last month, indicating positive sentiments towards Bitcoin and other major cryptocurrencies.
According to some traders, the recent price rebounds may be attributed to large-volume traders buying back in, which is more related to their buying strategies rather than underlying fundamentals.