Bitcoin Price Rises Despite Legal Crackdown on Cryptocurrency Companies in the US
Date
3/30/2023 3:39:52 AM
(MENAFN) The price of Bitcoin increased by more than 5 percent on Wednesday, reaching as high as USD28,590 at 10:20 a.m. EDT for almost a 6 percent daily gain. The world's largest cryptocurrency by market value was trading at USD28,465 at 11:46 a.m. EDT, representing a 5.5 percent increase for the day. Ethereum, the world's biggest Altcoin by market value, also rose around 4 percent to as much as USD1,816 before trading at USD1,808 for a 3.9 percent gain. In addition, some altcoins saw prices soar around 15 percent in the past 24 hours, according to data from the digital asset price-tracking website, CoinMarketCap. The value of the crypto market was up 4.1 percent to almost USD1.2 trillion since Tuesday.
The recent surge in cryptocurrency prices is notable given the US's recent legal crackdown on major cryptocurrency companies. For example, on Monday, the Commodity Futures Trading Commission (CFTC) charged Binance, the world's biggest cryptocurrency exchange platform, with "willful evasion of federal law" and "operating an illegal digital asset derivatives exchange." The CFTC seeks disgorgement, civil monetary penalties, permanent trading, registration bans, and a permanent injunction against further violations of the Commodity Exchange Act and CFTC regulations.
In addition, FTX's founder and former CEO Samuel Bankman-Fried was charged by the US Justice Department with bribing Chinese officials, according to court documents released on Tuesday. Bankman-Fried is accused of conspiring to bribe one or more Chinese government officials to regain access to his hedge fund, Alameda Research's, trading accounts that were frozen by Chinese authorities in or around November 2021. He faces 13 charges involving the implosion of FTX.
Despite these legal challenges, the cryptocurrency market is showing resilience in the face of increased scrutiny. The recent price surge suggests that investors remain bullish on the long-term prospects of cryptocurrencies, even as regulators attempt to rein in the industry. It remains to be seen how the legal challenges will affect the market in the coming weeks and months, but for now, cryptocurrencies appear to be weathering the storm.
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