Bitcoin digests regulatory bearishness, $30,000 is bullish breakthrough

The crypto market seems to have already digested the regulatory disadvantages of the US CFTC suing Binance. Bitweet terminal data shows that as of press time, Bitcoin is trading at $28,341.07, an increase of 5.36% in the past 24 hours. Since the beginning of the year, Bitcoin has rebounded by nearly 71%, reaching a high of $28,803.34 in the past 90 days . The altcoin market is also on the rise, with ethereum up 4% to trade at $1,816. XRP rose nearly 9 percent to hit $0.54, while Cardano hit $0.38, up 6.8 percent on a 24-hour basis. The total global cryptocurrency market capitalization increased by 4.09% to $1.18 trillion.

The encryption market, as always, follows the trend of US stocks, especially technology stocks. The Nasdaq rose 1.21% on Wednesday and was on track for its best quarterly performance so far in 2020, while the S&P 500 gained 0.89%. Some Wall Street traders are optimistic that the banking crisis that rocked markets this month is coming to an end and that the Federal Reserve may pause interest rate hikes sooner than previously expected.

The encryption market, as always, follows the trend of US stocks, especially technology stocks. The Nasdaq rose 1.21% on Wednesday and was on track for its best quarterly performance so far in 2020, while the S&P 500 gained 0.89%. Some Wall Street traders are optimistic that the banking crisis that rocked markets this month is coming to an end and that the Federal Reserve may pause interest rate hikes sooner than previously expected.

Reports from Glassnode this week show that on-chain metrics show an increase in the number of tokens deposited to exchanges, suggesting that some investors are selling for profit, with much of the selling pressure coming from short-term holders.