Bitcoin Price Hits $38k After $4.3 Billion Binance Settlement

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In a significant turn of events, just two days after the United States unveiled a $4.3 billion settlement plan with leading cryptocurrency exchange Binance Holdings, the price of Bitcoin (BTC) surged to a fresh yearly high, surpassing the $38,000 mark during the early New York trading session on Friday. The cryptocurrency market had been eagerly awaiting a breakout, with Bitcoin’s recent consolidation in a pennant pattern signaling the potential for a bullish move.

Bitcoin’s Impressive Rally

Friday’s breakout in Bitcoin’s price has ignited a sense of excitement among traders, leading to renewed FOMO (fear of missing out) sentiment. This surge has set the stage for Bitcoin to potentially target the next significant resistance level at around $42,000 in the coming weeks.

Altcoins Follow Suit

Following Bitcoin’s sudden price surge, Ethereum (ETH), the leading altcoin by market capitalization, also witnessed a remarkable upswing, retesting its yearly high of approximately $2,125. This positive momentum in the two significant cryptocurrencies contributed to a 1.2 percent increase in the total crypto market capitalization, now at around $1.49 trillion. Notably, one of the standout performers in the last 24 hours has been Blur (BLUR), experiencing a surge of approximately 35 percent.

Possible Reasons Behind the Breakout

It’s worth highlighting that Bitcoin’s price retracement closely mirrors the support/resistance level established before the Terra Luna UST capitulation in early 2022. On Friday, the announcement that Do Kwon’s extradition to the United States or South Korea had been approved injected enthusiasm into the crypto community regarding resolving this high-profile case.

Additionally, speculation surrounding the imminent approval of spot Bitcoin exchange-traded funds (ETFs) in the United States, following Grayscale Investments’ recent re-application, has further boosted the overall bullish outlook for the cryptocurrency market.

The crypto world is undoubtedly experiencing a period of heightened excitement and anticipation as Bitcoin and leading altcoins chart new territories. Traders and investors will closely monitor these developments to see how the market evolves in the coming weeks.