Ignore Regulatory Issues, Crypto Market & BTC Soar!


 "Does crypto go up to go down or do you want to keep going up?'

Despite increasing financial uncertainty, the entire cryptocurrency market including Bitcoin (BTC) and tech stocks saw gains yesterday.

The price of BTC managed to register a jump of 4.06% reaching the level of $28,405 in the last 24 hours after falling as low as $26,722 following the Commodity Futures Trading Commission (CFTC) filed a lawsuit against the crypto exchange company Binance.

In addition to Binance, the CFTC also charged the company's Chief Executive Officer (CEO), Changpeng Zhao (CZ) for allowing its customers in the United States (US) to ignore rules designed to prevent any fraud.

According to legal experts, Binance or global companies can be affected if the CFTC can resolve the lawsuit against the company.

But back to the explanation, the price of Ethereum (ETH) also climbed around 4% trading at $1,816 despite the regulatory problems, but now slightly down at $1,794 with a market capitalization of $219 billion.

While Ripple (XRP) climbed around 5.96% to $0.54 in the last 24 hours and Cardano (ADA) gained 3.89% at $1.12.

Through observation, the crypto market has always followed the movement of US equities especially technology stocks, where the Nasdaq rose 1.21% which saw its best quarter since 2020 followed by the S&P500 jumping 0.89%.

Meanwhile, Wall Street traders are optimistic that the banking crisis that shook the market this month will end and the US Federal Reserve (Fed) may stop raising interest rates earlier than previously expected.