The king of cryptocurrencies, Bitcoin, just surpassed the $38,000 level a few minutes ago, but quickly retraced to $37,700 due to rapid profit-taking. This is noteworthy because it was a region that it had been testing for a long time but had not been able to overcome. If the price manages to reclaim $38,000 and close above it, we can say that altcoins are in for some great days ahead.
Why is Bitcoin Rising?
In fact, we should ask, “Why did Bitcoin’s rise start late?” Earlier this week, there were signs of a settlement with Binance, and CZ resigned. One of the biggest risks that worried cryptocurrency investors was eliminated. Moreover, an auditor is being appointed to the company to minimize future risks. This indicates that Binance is starting with a clean slate and will now fully comply with the rules.
The SEC’s objection was related to the potential negative consequences of approving a spot Bitcoin ETF dominated by Binance in the markets. In the future, unregulated exchanges could cause abnormal fluctuations in the markets in favor of investors.
Now, Bitcoin’s price will need to surpass $38,000 and confirm that the Binance incident is a bullish signal. In the coming days, we may witness altcoins multiplying in value.
