[Bitcoin Now] Rising Trend Despite CFTC and Binance Litigation Battle

Despite the lawsuit battle between the U.S. Commodity Futures Trading Commission (CFTC) and Binance, the world's largest virtual asset exchange, the price of Bitcoin showed an upward trend.

Image source=Reuters·Yonhap News

According to the global virtual asset market tracking site CoinMarketCap, as of 10:27 AM on the 29th, the price of Bitcoin was recorded at $27,413 (approximately 35.59 million KRW), up 1.52% compared to the previous day.

Earlier, on the 27th (local time), the CFTC filed a complaint in the Chicago federal court against Binance and Binance CEO Zhao Changpeng, alleging violations of regulations related to derivatives and other products. Under federal law, institutions must register if they mediate commodity trading for Americans, but it was judged that this requirement was not met. Additionally, the CFTC found that customer verification systems, anti-money laundering processes, and tax evasion prevention programs were not properly established.

Following this news, the price of Bitcoin dropped to the $26,000 range but showed an upward trend on the day. The market analyzed that despite the negative factors, Bitcoin's price has strong resilience.

Investor sentiment in virtual assets recorded a level of greed. According to the virtual asset data provider Alternative, the Fear & Greed Index, which expresses investor sentiment as an index, showed 57 points (greed), down 2 points from the previous day. Alternative's Fear & Greed Index means that a score closer to 0 indicates extreme fear and pessimism about investment, while a score near 100 indicates optimism.