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HomeCrypto NewsMarketBitcoin Is up Nearly 12% Today - Here’s the Only Reason Why

Bitcoin Is up Nearly 12% Today – Here’s the Only Reason Why


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Reports of a possible Binance settlement of U.S. probes mingled with positive price action sees the market soaring.

At the time of writing, Bitcoin and Ethereum are up 11.56% and 9.10%, respectively, in the last 24 hours, as the crypto markets rally, with the total crypto market cap sitting comfortably above $1 trillion at $1.12 trillion, up 8.62%.

As highlighted by Santiment Feed yesterday, Bitcoin has tapped a six-month high, trading above $24.2k for the first time since Aug. 14, 2022. The crypto analytics platform has tapped a slight increase in accumulation by investors holding 100 to 1k BTC as the reason for the latest price surge, urging investors to watch the reaction of big bag holders for additional confidence.

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Pseudonymous seasoned price action analyst Duo Nine expressed confidence that the bear market is conclusively over. He said this, noting that Bitcoin had formed a new high on the charts.

From a short-term price action perspective, the price surge comes as BTC fulfilled a double-bottom reversal pattern formed on the 4-hour price chart, as highlighted in a previous report. The price surged as high as $24.9k before paring gains to trade around the $24,688 price point at the time of writing.

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TradingView Screenshot 1676525556784
Chart by TradingView

Meanwhile, reports indicating that Binance expects to pay fines to end probes from United States regulators have likely boosted this surge. The Wall Street Journal reported this yesterday, citing an interview with Binance Chief Strategy Officer Patrick Hillman.

Hillman asserted that the leading crypto exchange initially driven by software engineers lacked knowledge of the laws regarding crimes like money laundering and economic sanctions. Consequently, the Binance executive says the exchange is willing to pay penalties for its past mistakes, asserting that it is working with regulators toward this outcome.

An end to these U.S. probes would be a significant win for the company and the broader crypto market. As the largest crypto exchange, fear, uncertainty, and doubt surrounding it often negatively impact the market.

Reuters has previously reported that the U.S. Department of Justice kicked off money laundering and criminal sanctions investigations into the exchange as far back as 2018.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Okoya David
Okoya David
Okoya David Kio is a crypto enthusiast passionate about understanding what makes the nascent market tick. When he's not pondering about cryptocurrencies, you might find him in a BP debate room trying to proffer solutions to age-old societal problems.

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