Bitcoin surged Wednesday, surpassing $28,000 again.Earlier this week, the first cryptocurrency dipped slightly amid investor concerns over US regulators’ repression of major crypto exchange Binance.
The world’s largest cryptocurrency is up 4.1% to $28,440.49 on Wednesday at the time of writing. Ethereum, the second largest digital currency, rose 1.55% to $1,808.66. Bitcoin and other cryptocurrencies tumbled on Monday after it was revealed the US Commodity Futures Trading Commission (CFTC) is suing Binance.
This year Bitcoin is growing steadily after a severe recession in 2022 when the FTC and other crypto exchanges collapsed and there was general financial instability on a global scale. Investors have gained some confidence this year due to falling inflation and other factors.
Wednesday’s surge came amid broad gains in US stocks. Bitcoin is known to follow movements in stock markets as investors treat it as a traditionally risky asset. Nasdaq futures were up 100 points, or 0.9%, on Wednesday morning.
American regulators have recently increased their attention to cryptocurrency companies. So, the CFTC sued Binance and its co-founder for allegedly violating trading rules by luring customers to the US without permission. The Securities and Exchange Commission also threatened legal action against Coinbase for alleged violations of securities regulations.