Bitcoin Rises Above $28.5K Despite Binance Legal Woes
$Bitcoin (BTC.CC)$ Despite ongoing tension stemming from Binance’s recent legal woes, bitcoin and other major cryptocurrencies spent Wednesday in the green.
BTC well up from its lows below $27,000 earlier in the week after the Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance accusing the exchange giant of offering unregistered crypto derivatives, among other allegations. BTC is up about 21% in March, outperforming other assets such as ether, stocks and gold.
In the lawsuit filed Monday against Binance in U.S. District Court in Illinois, the CFTC called several cryptos including BTC, $Ethereum (ETH.CC)$ , $Litecoin (LTC.CC)$ , $Tether (USDT.CC)$ and $Binance Coin (BNB.CC)$ commodities. U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has previously suggested that proof-of-stake tokens like ETH are securities amid an ongoing feud between the agencies about jurisdiction.
James Lavish, managing partner at the Bitcoin Opportunity Fund, called Wednesday a "risk-on" day across the board as investors appeared to position themselves and their books ahead of several data releases later this week, including Thursday’s U.S. final fourth-quarter GDP figure release and Friday’s personal consumption expenditures (PCE) inflation data.
He added that BTC's price benefitted from the recent risk-on move as well as the announcement that China completed its first yuan-settled liquefied natural gas (LNG) trade with the United Arab Emirates.
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