The Price Of Bitcoin Reaches Its Highest Level Since June With The Possibility Of Reaching $30,000 Again

As traders set their sights on $30,000 for the first time in more than nine months, Bitcoin for the first time in nine months has recovered to levels seen just before the latest US regulatory crackdown. 

‍

A cryptocurrency that holds a market value of more than $29,171 was the biggest cryptocurrency by market value during the Asian trading hours, and at the moment, it has remained relatively unchanged at about $28,620. Several industry bankruptcies and scandals had begun to hurt investor sentiment just as it traded at $30,000 last June. 

‍

Crypto prices have been boosted recently as investors bet that interest rates are nearing a peak and bank turmoil is likely to ease further as a result of a rise in risk appetite in global markets. Despite the fact that Bitcoin has declined by 64% in 2022, the cryptocurrency has soared by over 70% this year.

‍

In the Asia Pacific region, Patrick Chu, head of institutional coverage at Paradigm, one of the largest crypto liquidity providers in the world, stated that the market sentiment is "overall bullish" as we approach fresh 2023 highs. There has been a continuing flow of interest in the short-dated topside options as well as calendar spreads in which people are rolling out their exposure to the topside in the final weeks of April or June into the quarterly close. 

‍

As the largest crypto exchange in the world, Binance Holdings Ltd., was sued by the US Commodity Futures Trading Commission on Monday, for allegedly violating the US Commodity Futures Trading Commission's rules on trading and derivatives, Bitcoin touched a 10-day low on Monday. There were a number of issues alleged in the complaint that Binance, in its reply, disagreed with the characterization.