On Thursday, Bitcoin’s price surged past $29,000, hitting a peak of $29,170. This impressive increase of 72% marks its strongest quarter in two years. Nonetheless, it experienced a minor correction and is presently being traded at approximately $28,695. Since the beginning of 2023, the Nasdaq has seen returns of 15%, while gold has seen returns of 7%. The crypto market, on the other hand, has outperformed both of these markets.
This remarkable rise has occurred in spite of a string of setbacks in the crypto industry, such as regulatory litigation brought against exchanges and individuals, the ongoing crisis in the banking industry, and the lack of new institutional money entering the market. As a result, the rise in Bitcoin’s price despite these hurdles is surprising to some people.
Bitcoin’s Price Rises Amid Negative Headlines
The Commodity Futures Trading Commission (CFTC) has recently filed a lawsuit against the world’s largest cryptocurrency exchange, Binance, as well as the company’s CEO, Changpeng Zhao (CZ). Legal action is being taken in response to allegations of Binance’s failure to comply with applicable regulations.
In addition, cryptocurrency trading platform Beaxy has ceased operations as a result of a lawsuit brought by the Securities and Exchange Commission (SEC). The dominant regulatory agency leveled allegations of embezzlement against the exchange’s founder, claiming he stole funds from his customers.
In spite of these troubling stories, Bitcoin’s price has continued to rise, which has baffled skeptics and defied expectations. Investors and analysts alike are keeping a close eye on Bitcoin’s price performance, and they are speculating on whether or not it will be able to surpass the $30,000 barrier in the near future.
On the other hand, according to Chris Burniske, there may be a few reasons to be positive about Bitcoin’s performance, since the next Bitcoin halving is projected to take place in 2024, dropping rates and liquidity expansion are on the horizon.
While the leading digital currency may experience some fluctuations in the short-term, many experts predict that Bitcoin’s long-term trajectory will continue to be upward. As more investors and institutions consider adding Bitcoin to their portfolios, it will be interesting to see how the cryptocurrency market evolves and whether Bitcoin can maintain its position as the leader in the digital currency space.
