Benzinga -
- Bitcoin gains popularity as a secure investment option despite volatility.
- Bitcoin's price surges after bouncing off the daily 200 simple moving average.
- Binance lawsuit temporarily impacts Bitcoin price, but bulls regain control.
- CFTC accuses Binance of regulatory violations, highlighting crypto industry issues.
- Investor confidence in crypto remains strong despite legal concerns.
Following the downfall of some major banks, Bitcoin (CRYPTO: BTC) has proven to some investors as being a reliable investment option. As investors flock to seek a secure option, Bitcoin has emerged as an enticing safe haven despite its volatile nature, outperforming even the traditional safe haven, gold.
Bitcoin started to skyrocket following the solid bullish move on March 10, after bouncing off the daily 200 simple moving average.
This support, resting comfortably around the $20,000 mark, created a sturdy base for Bitcoin to launch from.
With two robust levels of support clustered together, Bitcoin shot up with good momentum, leaving many investors feeling optimistic about its future potential.
As the process unfolded, the buyers took control and exerted their dominance over the sellers. This was signaled by the breakthrough of the weekly 200 simple moving average, adding further fuel to the bullish sentiment.
The current lawsuit against Binance (CRYPTO: BNB), which was filed on March 27th did cause Bitcoin to fall 3%, but this decline was only temporary as the bulls have taken back control, pushing price up 4.4%.
Binance, a leading player in the cryptocurrency world, has found itself under the legal microscope of the United States Commodity Futures Trading Commission (CFTC).
In an ongoing lawsuit, the CFTC has accused Binance of violating regulations by serving US clients without proper registration. As the case continues, the future of the popular exchange hangs in the balance.
Binance is a popular platform for buying and selling cryptocurrencies, offering over 300 coins to choose from and is trusted by millions of users worldwide. It is also available as a mobile app allowing users to trade crypto coins on the go.
The CFTC has blown the lid off of one of the biggest secrets of the crypto industry with its case against Binance.
Unsurprisingly, many exchanges have been operating without the necessary registration or authorization from regulators, but it's still concerning.
The CFTC is taking a strong stance against these practices, and it's important for all exchanges to take note. Let's hope this marks the beginning of a new era of transparency and compliance in the crypto world.
Looking at the strength in the crypto market, it doesn't look as though the investors are bothered by these events.
But with price just below major resistance, the $30,000 psychological resistance level, will we see a reverse to the downside regardless? Only time will tell.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.