The price of Bitcoin (BTC) briefly tipped above $29,000 on March 30, posting a new high for the year despite recent US government crackdowns on crypto firms and the uncertainty surrounding them.
According to Cointelegraph Markets Pro, Bitcoin’s price touched $29,132.82 on March 30, marking levels just before cryptocurrency exchange FTX collapsed in early November 2022.
Bitcoin price over 24 hours. Source: Cointelegraph Markets Pro
The surge comes despite a series of government crackdowns over the past few days, such as the United States Commodity Futures Trading Commission’s lawsuit against Binance and its CEO Changpeng “CZ” Zhao on March 27.
Bitcoin’s price rally after such a bombshell development caught many industry commentators by surprise. Some believe this stems from speculation that the lawsuit will result in only minor fines for the crypto exchange, which is the leader in transaction volume.
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The Crypto Fear and Greed Index – which aims to numerically represent current “emotions and feelings” towards Bitcoin and other major cryptocurrencies – has risen steadily over the past month despite fluctuations in the global banking sector.
The Crypto Fear & Greed Index. Source: Alternative.me
Some traders have argued that the recent price rallies may be due to large-volume traders buying back, which has more to do with their buying strategies than fundamentals.