Bitcoin is pushing above $30,000 for the first time since June 2022. When Bitcoin moves, the crypto masses speculate as to why. The recent rise in value has largely been attributed to the terrible economy, fears within the Banking sector, and BTCs apparent safe haven status (at least for now). Coincover is stating that Bitcoin is now firmly out of bear territory a now in a new bull market.
According to Katharine Wooller, Business Unit Director at Coincover, Bitcoin’s ten-month high is the confirmation that indicates a return to a crypto bull market.
“Since the start of 2023, the crypto market has faced regular turmoil in the form of regulatory challenges and the collapse of crypto companies indicative of wider systemic problems. Yet, despite this, the market continues to perform well against all odds, with BTC up 81% and ETH up 55% respectively since the start of the year. Thanks to the sudden banking crises of the last few weeks, investors have a renewed optimism in crypto as a worthy alternative investment to the traditional banking system. The only barrier between digital assets and mainstream adoption now is the lack of regulation.”
Wooller states that regulators’ remit is to protect consumers while promoting stability and transparency in markets, yet they are failing in this mission:
“… the modus operandi is to dole out aggressive litigation as a way of testing regulation written in the 1930s, and trying to apply it to the modern phenomena which is the multi-variegated crypto industry. Financial authorities need a fresh approach. Crypto firms are already showing their willingness to cooperate by engaging in consultations, implementing robust KYC/AML policies, and introducing transaction monitoring and other protective technology. The ball is now firmly in the regulators’ court.”
