Bitcoin Hits its Highest Level in a Year
Bitcoin has reached its highest level in about a year, surpassing $31,400 per coin before retracing some gains.
This surge follows Bitcoin trading above $30,000 for the first time since April, when investor confidence was shaken by the collapses of Silicon Valley Bank and Signature Bank.
Bitcoin has experienced an 87% increase in value this year, with financial giants like BlackRock showing interest by applying to register a bitcoin spot exchange-traded fund, and EDX Markets launching its digital asset trading platform.
However, the crypto market’s recent momentum coincides with increased regulatory scrutiny, as evidenced by the SEC suing Coinbase for alleged unregistered brokerage activity and federal regulators suing Binance for operating an illegal exchange and mixing customers’ assets.
Despite its current rally, bitcoin is still significantly below its all-time high of over $60,000 in 2021, which was influenced by factors such as the Federal Reserve’s interest rate policies and the collapse of FTX crypto exchange, leading to a broader market sell-off.
