Bitcoin Price Surges Nearly 6% Despite Financial And Regulatory Woes
- Bitcoin’s price increased by 5.4% in the past 24 hours, reaching $28,425.
- Binance faces a lawsuit from the Commodity Futures Trading Commission (CFTC) due to its solicitation of US customers and disregard for rules.
- Despite Binance’s regulatory issues, the rest of the crypto market is up, with Ethereum, XRP, and Cardano all experiencing significant gains.
Bitcoin’s price rose 5.4% to $28,425 despite CFTC suing Binance. Ethereum is up 4%, XRP is up 9%, and Cardano is up 6.8%. Nasdaq is up 1.21%.
Bitcoin’s price has risen by over 5.4% in the past 24 hours, reaching $28,425, according to Coinmarketcap.
This follows a drop at the start of the week to as low as $26,722 after news that the Commodity Futures Trading Commission (CFTC) had sued Binance, a leading crypto exchange.
The CFTC said Binance and its CEO had solicited US customers and “chose to ignore” rules that prohibited Americans from using the service. Binance offers clients crypto derivatives products, such as futures and options contracts, which must be registered and overseen by the CFTC if traded in the US.
Legal experts have suggested that if the CFTC succeeds in its lawsuit against Binance, the penalties the regulator seeks could shutter the exchange’s US division and potentially even the global company.
Despite Binance’s regulatory problems, the rest of the crypto market is up, with Ethereum, the second-largest digital asset by market cap, up 3.7%, trading for $1,808. XRP has risen over 9% to $0.54, and Cardano has reached $0.38, a 7% 24-hour rise in value. This is because the crypto market is following, as it often does, tech stocks, particularly US equities.
The Nasdaq rose by 1.21% today and is set to have its best quarter since 2020, while the S&P500 jumped 0.89%. Wall Street traders are bullish that the banking crisis that rocked markets this month is ending, and that the Federal Reserve could pause interest rate hikes sooner than expected.
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