- The Bitcoin price has increased by 50% so far in 2023, driven by the search for alternatives to the traditional banking system.
- Also because of the idea that the Federal Reserve moderates the increase in interest rates.
- The price had been under pressure due to news of the Commodity Futures Trading Commission’s lawsuit against Binance.
So far in 2023, the price of Bitcoin it is up 50%, ahead of most other major assets like commodities and stock indices.
The reasons are confluent and varied, from investors looking for alternatives to the traditional banking system (which has let them down in recent weeks with the collapse of SVB and Credit Suisse) to hopes that the US Federal Reserve will moderate. the increase in interest rates, helping Bitcoin to better position itself in this environment.
It draws the attention of some analysts that the increase in the price of Bitcoin occurs when a strong push by regulatory bodies against cryptocurrencies is developing, with some high-profile examples such as criticism of Binance.
Bitcoin rose just over 5 percent on Wednesday, March 29, to $28,500 after falling on news of the US Commodity Futures Trading Commission’s lawsuit against the CZ-founded exchange.
TO Changpeng Zhao he is accused of allegedly violating trade rules by trying to recruit customers in the United States without authorization.
Ether, meanwhile, the second most important crypto, rose nearly 7 percent to $1,820.
Bitcoin price rises
Bitcoin has not stopped rising so far in 2023 after a 2022 to be forgotten.
It must be remembered that it started last year with values above 50,000 dollars, but in a matter of a few months it collapsed to touch the floor of 16,000 dollars.
The collapse began after the start of the armed conflict in Ukraine, which overlapped with a complicated exit from the covid pandemic.
To which were added the falls of the Luna cryptocurrency and the FTX exchange.
At the beginning of March, the price of bitcoin came into tension when it was learned that in the 2024 budget presented by the administration of Joe Biden a special tax is included for crypto mining.
If approved and enter into force, U.S. cryptocurrency miners could face a 30 percent tax on the cost of electricity, with the idea of ”reducing mining activity” in that country, the bill says. that Congress must overcome.
As it became known, any company that uses resources, whether owned or leased, would be “subject to a special tax equivalent to 30 percent of the cost of electrical energy used in the mining of digital assets.”
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