Alex Dovbnya
Despite numerous setbacks in the cryptocurrency sector, bitcoin has continued to rise, topping out at $29,170 and marking its strongest quarter in two years, up 72%
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The price of bitcoin surged above $29,000 on the Bitstamp exchange and hit a high of $29,170, marking its strongest quarter in two years with a staggering 72% gain.
Image from tradingview.com
The cryptocurrency has outperformed both the Nasdaq and gold, which have posted returns of 15% and 7%, respectively, since early 2023.
This impressive growth comes despite a series of setbacks in the cryptocurrency sector, including regulatory lawsuits against exchanges and individuals, the banking crisis, and a lack of new institutional money entering the market. As such, some are finding the surge in bitcoin price confusing amid these challenges.
Binance, the world’s largest cryptocurrency exchange, along with its CEO Changpeng Zhao, was recently hit by a lawsuit initiated by the Commodity Futures Trading Commission (CFTC). The lawsuit revolves around alleged regulatory compliance violations.
Additionally, crypto exchange Beaxy has shut down shop following a Securities and Exchange Commission (SEC) lawsuit. The respected regulator accused the exchange’s founder of embezzling client funds.
Despite these negative headlines, Bitcoin’s price has continued to rise, confusing skeptics and contradicting expectations.
As the cryptocurrency market navigates this complex landscape, investors and analysts alike are closely watching Bitcoin’s performance and speculating on its potential to reach the $30,000 milestone. With the next bitcoin halving expected in 2024 and interest rates falling and liquidity expansion on the horizon, there might be some reasons to be bullish on bitcoin’s performance, according to Chris Burniske.
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