Hassan Maishera
TL;DR
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Bitcoin has crossed the $29k level for the first time in nearly a year as bulls eye the $30k psychological level.
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The rally comes despite Binance’s continued legal woes.
Bitcoin Crosses The $29k Mark
The world’s largest cryptocurrency by market cap has set another record this week after crossing the $29k level. Bitcoin surged by more than 5% earlier on Thursday, crossing the $29k level before slightly retreating to now trade just above $28,500.
The rally comes despite Binance’s continued legal woes. A few days after Binance was sued by the United States CFTC, the cryptocurrency exchange could look to exit the Canadian market.
Sources close to the matter revealed that Binance would probably pull out of Canada. However, a Binance spokesperson said the company’s CEO, Changpeng Zhao, is a Canadian citizen, and the exchange hasn’t made definitive plans about its presence in Canada. Furthermore, the spokesperson added that Binance is actively engaged with the [Canadian Securities Administrators] in its pursuit of registration.
Binance remains the world’s largest cryptocurrency exchange and processes more than $15 billion in daily trading volume.
Bitcoin’s rally could see the bulls eye the $30k psychological level in the short term. Altcoins are not left out of the rally, with Chainlink the best performer amongst the top 20 cryptocurrencies by market cap.
Chainlink has added more than 6% to its value today. However, Ether and Cardano are up by less than 1% despite Bitcoin’s rally.
