• Bitcoin (BTC) price returned near $29,000 on March 23 as bulls ignored news of a fresh United States regulatory crackdown.
• Despite Fed Chair Jerome Powell giving mixed signals over how and if rate hikes would continue, crypto market commentators argued that the sudden drop was over-the-top.
• U.S. stocks attempted to cancel out their own post-Fed losses, with the S&P 500 up 1.2% on the day at the time of writing. Gold also hit new highs.
Bitcoin Price Reaches Near $29k
Bitcoin (BTC) returned to near $29,000 on March 23 as bulls ignored news of a fresh United States regulatory crackdown. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD gaining almost 8% versus its overnight lows to challenge nine-month highs on Bitstamp.
Reaction To Federal Reserve Signals
The pair kept the volatility coming as the dust settled on the prior day’s interest rate decision and associated commentary from the Federal Reserve. Despite Fed Chair Jerome Powell giving mixed signals over how and if rate hikes would continue, crypto market commentators argued that the sudden drop that Bitcoin witnessed had been over-the-top.
SEC Targets Crypto Firms; Do Kwon Arrested
The mood even managed to stay positive despite news that U.S regulator, The Securities and Exchange Commission (SEC), had begun targeting crypto firms, notably Coinbase, stocks of which fell 20% at the Wall Street open. The reported arrest of Do Kwon, founder of blockchain firm Terraform Labs responsible for 2022’s Terra implosion likewise failed to dampen performance.
Risk Assets Return With A Bang
Bitcoin and cryptocurrencies like Litecoin (LTC) were not the only assets enjoying a rebound on the day. U.S stocks attempted to cancel out their own post-Fed losses with S&P 500 up 1.2% on day at time of writing while gold hit $19515 gaining 057%.
Eyeing Continuation Of Uptrend
Popular trader Crypto Chase commented that traders should remember panic calls for lower prices in dips during an uptrend while fellow trader Kaleo reiterated that $40K was a “magnet” price target suggesting next leg up should start soon..