Bitcoin (BTC) returned to near $29,000 on March 23 as bulls ignored news of a new regulatory crackdown from the United States.
Bitcoin Shrugs Off Coinbase, Do Kwon Arrest
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD gained nearly 8% off its overnight lows to challenge nine-month highs on Bitstamp.
The pair remained volatile as the dust settled on the previous day’s interest rate decision and associated comments from the Federal Reserve.
Despite Fed Chairman Jerome Powell giving mixed signals about how and if rate hikes would continue, crypto market commentators argued that the flash crash witnessed by Bitcoin had been overblown.
“Make sure you remember the panic and bear calls the next time you fall during an HTF uptrend,” popular trader Crypto Chase wrote in part from Twitter analysis.
Among those now looking at the continuation of the uptrend was Crypto Ed, who saw Bitcoin filling its retracement zone.
The next stage should begin pic.twitter.com/3spyz52ct0
— Ed_NL (@Crypto_Ed_NL) March 23, 2023
The mood even managed to stay positive despite news that the US regulator, the Securities and Exchange Commission, had started targeting crypto companies, notably Coinbase, whose shares fell 20% in the opening of Wall Street.
Related: Hindenburg Research Reports Block Short Position, Alleging Fraud Facilitation And Inflated Metrics
The reported arrest of Do Kwon, founder of blockchain firm Terraform Labs, responsible for the Terra implosion in 2022, also failed to affect performance.
“You can try to fade it, but we’ll keep shipping from here,” fellow merchant Kaleo aggregate in the latest of his characteristically bullish BTC price shots, having reiterated that $40,000 was a “magnet” price target.
Risk assets come back strong
Bitcoin and cryptocurrencies like Litecoin (LTC) were not the only assets to enjoy a rally on the day.
Related: US Enforcement Agencies Are Turning Up the Pressure on Crypto-Related Crimes
US stocks tried to write off their own post-Fed losses, with the S&P 500 up 1.2% on the day as of this writing.
Meanwhile, gold hit $195.15, gaining an impressive 3.1% off previous daily lows and closing in on a rematch of $2,000.
“We are still in the vacuum of relief, the ‘Echo’ bubble. The period where the potential process of pausing rises remains bullish and there is no clear recession, until reality kicks in,” Michaël van de Poppe, Cointelegraph Contributor, Founder and CEO of trading firm Eight, summarized.
Van de Poppe agreed that $40,000 was now a longer-term target for BTC/USD.
Magazine: The Best and Worst Countries for Cryptocurrency Taxes: Plus Tips on Cryptocurrency Taxes
The views, thoughts and opinions expressed here are those of the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
