Bitcoin’s price soared Wednesday — along with tech stocks — bringing the rest of the cryptocurrency market with it at a time of heightened financial uncertainty.
The largest digital asset is up over 5.8% in the last 24 hours at the time of writing, and was trading at $28,540, CoinGecko showed.
It has made a comeback since earlier in the week when it fell as low as $26,722 following news from the Commodity Futures Trading Commission blow leading crypto exchange Binance with a lawsuit.
The US regulator said Monday that the world’s largest digital asset exchange and its CEO, Changpeng Zhao, have been recruiting customers in the US, choosing to ignore rules designed to prevent Americans from using the service. Binance offers its clients crypto derivative products such as futures and options contracts which, when traded in the US, are subject to CFTC registration and oversight.
If the CFTC succeeds in its lawsuit against Binance, the penalties the regulator seeks will suffice Close the US section of the stock exchange— and possibly even the global company, according to legal experts.
But despite the regulatory woes, the rest of the crypto market is up after Bitcoin: Ethereum, the second largest digital asset by market cap, rose 4% to trade at $1,816.
While XRP jumped nearly 9% to hit $0.54, Cardano hit $0.38, up 6.8% in value over the 24-hour period.
That’s because, as it often does, the crypto market follows US stocks — particularly tech stocks. The Nasdaq is up 1.21% today, likely to post its best quarter since 2020, while the S&P500 is up 0.89%.
Wall Street traders were feeling optimistic that the banking crisis that the shaken markets are coming to an end this month – and that the US Federal Reserve may halt its rate hikes earlier than expected.
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