• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Saturday, May 31
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

    May 29, 2025

    ‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

    May 29, 2025

    DeSantis Signs Bill Making Gold And Silver Legal Tender

    May 28, 2025

    John Deere Announces $20 Billion Plan To Build Up American Manufacturing

    May 28, 2025

    EV Startup Promised To Cut China Ties — Then Reportedly Shared US Data Anyway

    May 27, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Finance»Bitcoin (BTC) climbs to $28k as traders shrug off regulatory crackdown
Finance

Bitcoin (BTC) climbs to $28k as traders shrug off regulatory crackdown

March 29, 2023No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Bitcoin (BTC) climbs to $28k as traders shrug off regulatory crackdown
Share
Facebook Twitter LinkedIn Pinterest Email

Bitcoin is up 50% so far in 2023, beating major commodities and stock indexes. Industry insiders said the bank collapses have sent investors looking for alternatives to the traditional banking system and there is also anticipation of a slowdown in interest rate rises, which is helping bitcoin.

Filip Radwanski | Sopa Images | Lightrocket | Getty Images

Bitcoin climbed sharply Wednesday as investors shrugged off initial fears surrounding U.S. regulators’ crackdowns on industry giants and became willing to take some risk.

The world’s largest cryptocurrency rose 3.5% to $28,287.30, according to Coin Metrics. Bitcoin has retaken the $28,000 level after dipping below it on Monday following news that the U.S. Commodity Futures Trading Commission FTC’s lawsuit against Binance. Earlier in the day it rose as high as $28,637.25.

Ether, the second-biggest digital coin, rose nearly 1% to $1,801.12.

Bitcoin has been steadily rising this year after a brutal 2022 that saw collapses of major crypto exchanges and a sharp slump in prices. Investors have taken some comfort from the thought of a reversal in the U.S. Federal Reserve’s interest rate hiking moves, which put pressure on risk assets like stocks.

The reason for the jump Wednesday was not immediately clear. However, it comes amid a broad rise in U.S. stocks. Bitcoin has been known to follow movements in equity markets, with investors treating it like more of a traditional risk asset.

Nasdaq futures were up 100 points, or 0.9%, Wednesday morning.

U.S. regulators have sharpened their crackdown on crypto firms of late, with the CFTC suing Binance and its co-founder Changpeng Zhao for allegedly breaking trading rules by courting clients in the U.S. without authorization.

See also  Lithuania building a $110 million tech campus — the largest in Europe

The Securities and Exchange Commission has also threatened to take legal action against Coinbase for alleged violations of securities rules.

“Broadly we are looking quite bullish here with Bitcoin reclaiming $28K and looking to target $30K next,” Vijay Ayyar, head of international at crypto exchange Luno, told CNBC via email Wednesday.

“In general, when price action starts to absorb negative news this quickly, it indicates that the market is bullish and trending upward. The CFTC case against Binance, while quite important, doesn’t seem to have affected the market that much.”

Bitcoin had earlier gotten a boost from woes in the global banking system. Swiss banking giant Credit Suisse was recently rescued by its peer UBS in a government-backed, cut-price deal.

U.S. tech-focused lender Silicon Valley Bank and crypto-oriented banks Silvergate and Signature have also failed.

The Federal Reserve has sought to cushion the blow of the banking crisis with a lending program known as the Bank Term Funding Program, or BTFP, which aims to help banks meet their obligations to depositors.

Proponents of bitcoin say it can serve as a store of value in times of economic distress and a form of money people can access without the need for a bank account.

However, it is incredibly volatile and has been known to swing up or down 10% in a matter of hours.

“The market seems to be placing greater importance on macroeconomic factors and that the Fed has already begun a form of QE, now known as BTFP, but also that the interest rate pivot might happen sooner than later,” Ayyar told CNBC.

See also  Malaysia’s 1MDB Scandal and ‘The Siege Within’

“Against the bank failure backdrop over the past month or so and Bitcoin’s rise, this provides the perfect context for Bitcoin to continue remaining bullish and move higher.”

WATCH: Crypto enthusiasts want to remake the internet with ‘Web3.’ Here’s what that means

Crypto enthusiasts want to remake the internet with 'Web3.' Here's what that means
28k Bitcoin BTC climbs Crackdown regulatory shrug Traders
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Corporate America Retreats From Gay Pride Events Across US Amid Trump DEI Crackdown

May 24, 2025

American Manufacturers Overwhelmed With Orders After Trump’s Tariff Crackdown On China

May 5, 2025

Ending China’s De Minimis Exception Brings 3 Benefits for Americans

April 17, 2025

The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

April 17, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Trump Says He Will Surrender Thursday In Georgia Election Fraud Case

August 22, 2023

Jason Aldean’s ‘Try That in a Small Town’ Sales and Music Video Explode After Backlash

July 26, 2023

Suspended Michigan State Coach Mel Tucker Denies Sexual Harassment Allegation

September 14, 2023

Bobby Caldwell, R&B Singer Of ‘What You Won’t Do For Love,’ Dead At 71

March 16, 2023
Don't Miss

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

Business May 29, 2025

Consumers’ Research issued a “Woke Alert” on Thursday warning American shoppers that three European companies…

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025

John Deere Announces $20 Billion Plan To Build Up American Manufacturing

May 28, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,136)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,645)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

TikTok A.I. Clone of Dictator Omar al-Bashir Spreads Confusion in Sudan

October 6, 2023

Suspected Terrorism Funder Arrested After Being Released Into U.S. at Border

August 14, 2023

‘It Would Blow Your Mind’: GOP Rep. Says Biden Could Have ‘Opened A Bakery In Beijing’ With Money Hunter Got

September 13, 2023
Popular Posts

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.