Bitcoin News

Bitcoin Price Reclaims $28,500 Amid Binance FUD, Here’s Why

Bitcoin price jumps over 6% to over $28,500 in a few hours despite the FUD surrounding the CFTC lawsuit against Binance.
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Bitcoin Price Reclaims $28,500 Amid Binance FUD, Here’s Why

Bitcoin price jumped over 6% after it successfully held the $27K level after correcting to $26.5 after the U.S. CFTC filed a lawsuit against Binance for violating crypto trading and derivatives rules. In the last 24 hours, the BTC price has a low and high of $26,677 and $28,610, respectively.

A massive recovery was seen in the broader crypto market with XRP leading the rally among top altcoins, with an over 18% upside move. Cardano (ADA) price jumped 12%, Ethereum (ETH) 6%, Polygon (MATIC) and Solana (SOL) 8%.

Futures tied to Dow Jones, S&P 500, and Nasdaq have recovered nearly 1% on Wednesday, while the U.S. Dollar Index (DXY) fell to the 102.5 mark. The Crypto Greed & Fear Index is at 57 value, representing “Greed.”

BitMEX co-founder Arthur Hayes speculates whether the Bitcoin bull market in 2023 is supported by FUD and worsening market conditions.

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Whales Push Up Bitcoin Price

CryptoQuant data reveals that whales are active again in the derivatives exchanges. Whale accumulation triggered crypto market recovery despite the Binance FUD.

Bitcoin Flow to Futures Exchanges. Source: CryptoQuant

On-chain analysis revealed a high flow of money to futures exchanges. The high flow indicates a period of whale accumulation and the low flow of funds is a period of whale distribution.

Typically, whale accumulation causes the BTC price to increase significantly. Whales took a buy-the-dip opportunity to accumulate Bitcoin when the price was trading under $27K. Whales have used futures exchanges to drive up Bitcoin price amid the low liquidity in the market. However, it has caused the volatility in the crypto market to likely increase.

Binance’s Spot Heatmap Thick ask liquidity is between $28K and $30K indicating upside momentum. Traders are looking for confirmations around $29K-$30K for the next move.

Also Read: Do Kwon To Appeal Passport Forgery Case In Supreme Court, Delaying Extradition

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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