Bitcoin price briefly hits $29K despite regulatory crackdowns

The price of Bitcoin (BTC) briefly tipped over $29,000 on March 30, recording a new high for the 2023 year, despite recent United States regulatory crackdowns on crypto firms and related uncertainty. 

According to Cointelegraph Markets Pro, the price of Bitcoin reached $29,132.82 on March 30, reaching levels seen just before the collapse of cryptocurrency exchange FTX in early November.

The increase comes despite a range of regulatory crackdowns in recent days, such as the United States Commodity Futures Trading Commission suing Binance and its CEO Changpeng “CZ” Zhao on March 27.

Bitcoin’s price resilience in the wake of such a bombshell development drew surprise from many industry commentators. Some believe this is due to speculation the lawsuit will only result in minor fines for the leading crypto exchange by transaction volume.

This is a developing story, and further information will be added as it becomes available.