Bitcoin Breaches $30,000, Surges By 11%

Vignesh Karunanidhi
Bitcoin Breaches $30,000, Surges By 11%
Source: The Guardian Nigeria

Bitcoin and other cryptocurrencies have encountered notable price fluctuations recently, influenced by various factors. Furthermore, one significant factor contributing to this volatility is the ongoing regulatory dispute involving the US Securities and Exchange Commission (SEC) and Coinbase and Binance. Additionally, this clash has had a broader impact on the cryptocurrency market as a whole.

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Following a period of market turbulence, the crypto market faced additional challenges due to regulatory uncertainties in the United States. Bitcoin, which had reached a monthly high of $28,432, experienced a significant decline, reaching a low of $24,797. Additionally, this downturn had an observable effect on the entire market, as the performance of altcoins is often influenced by the movement of Bitcoin, widely regarded as the leading cryptocurrency.

From a level of $27,000 two days ago, BTC has climbed its way up to $28,000 yesterday. According to the latest data from CoinMarketCap, Bitcoin has surged to $30,000.

Bitcoin breaches $30,000 level

BTC’s recent breach of the $30,000 level has demonstrated volatility, with the coin temporarily falling below $30,000 after touching the new level. CoinMarketCap data shows a 10% increase in BTC’s value over the past 24 hours, with a trading price of $29,800 at press time.

Having reached a low of $27,030 within the past 24 hours, BTC managed to recover and climb to its current price. However, sustaining its momentum has proven challenging for the leading cryptocurrency, indicating a high level of volatility.

The rise of the largest cryptocurrency is likely due to the filing of Bitcoin ETFs by large financial institutions. Considering the prevailing regulatory uncertainties in the United States and other pertinent factors, the likelihood of an immediate bullish run is uncertain. Nonetheless, the overall market is currently showing positive trading performance.