Bitcoin is referred to as the king among cryptocurrencies and has recently surpassed the $38,000 level with a new surge. However, it could only maintain this level for a short period of time and the price has dropped to $37,700 due to quick profit-taking. Bitcoin has been attempting to break through this level for a long time and its success could be a positive sign for altcoins.
Bitcoin’s rise began this week with positive developments such as the resolution of issues with Binance and the resignation of Binance CEO CZ. This situation, which was a significant risk for crypto investors, has been eliminated, and the appointment of an auditor by the company to minimize future risks signals compliance with regulations.
The US Securities and Exchange Commission (SEC) had concerns that the approval of a spot Bitcoin ETF dominated by Binance could have negative consequences in the markets. It was believed that in the future, unregulated exchanges could cause abnormal fluctuations in the markets in favor of investors.
Bitcoin’s price surpassing the $38,000 level and confirming that the Binance incident was a false alarm is crucial. In the coming days, we may witness a significant increase in the values of altcoins.
For those who want to learn more about Bitcoin’s impressive rise and its potential impact on altcoins, they can read the continuation of the relevant news.