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Seeking Alpha 2023-03-29 12:48:41

Bitcoin rallies, retakes $28K as regulatory crackdown fears ease

Bitcoin ( BTC-USD ) jumped 5.1% in Wednesday morning trading to regain the $28K level as investors appeared to be shaking off worries about increased regulatory scrutiny of the industry. Cryptocurrency-exposed stocks also caught a bid during the premarket session. The world's largest token by market cap ( BTC-USD ) changed hands at $28.37K as of 8:48 a.m. ET, after reaching as high as $28.62K a few hours before. The upswing marked a rebound after BTC retreated below $28K on Monday on news of the U.S. Commodity Futures Trading Commission's lawsuit against crypto exchange Binance. Ethereum ( ETH-USD ) climbed 4.1% to $1.80K, and XRP ( XRP-USD ), one of the best performing major coins in recent days, extended its rally , surging 12% to $0.56. Overall, the global crypto market cap gained 4.1% to $1.18T, coinciding with a risk-on day in stock index futures as market participants continued to turn their attention away from the regional banking drama. Crypto-related stocks, viewed by some as a high-beta (or more volatile) version of the underlying token, gapped up before the market open. MicroStrategy ( MSTR ), which holds nearly 140K bitcoins ( BTC-USD ), advanced 4.1% , Coinbase Global ( COIN ), a recent victim of the regulatory crackdown, gained 2.9% , and bitcoin miner Marathon Digital ( MARA ) accelerated 6.1% . SA contributor Jason Appel views bitcoin ( BTC-USD ) as a Buy "given the phenomenal implied risk-to-reward skew offered in the current stance."

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