It looks like Bitcoin is shrugging off the ongoing regulatory drama triggered by China's crypto clampdown.
The crypto markets have had an upbeat start to the week, with Bitcoin touching highs of $35,219.89 on Monday morning.
Despite the ongoing regulatory drama that has engulfed the industry — spearheaded by China — the world’s biggest cryptocurrency failed to fall below $30,000 over the weekend.
There have been repeated tests around this level in recent weeks. While some are confident that means Bitcoin has now bottomed out, others fear that a plunge as low as $24,000 cannot be ruled out.
Analysts at JPMorgan are among those sounding a cautious note. They say the short-term outlook for Bitcoin remains “challenging,” yet added that it does like the crypto markets are “beginning the process of healing” after the recent correction.
How Altcoins Are Looking
While Bitcoin is currently up 2.2% in a 24-hour period, trading at $34,110.57 at the time of writing, Ether is performing even more strongly. The world’s second-largest cryptocurrency has gained 8.6% over the same timeframe and is flirting around the $2,000 mark.
Binance Coin has also risen by 2.5% to hit $286.07. This is despite the U.K. Financial Conduct Authority saying that one of the companies owned by Binance Group cannot perform “regulated activity” in the country.
According to the exchange, this won’t affect British customers who use Binance.com, meaning that they will be able to continue buying and selling cryptocurrencies as normal.
Binance, which owns CoinMarketCap, said in a tweet:
“We take a collaborative approach in working with regulators and we take our compliance obligations very seriously. We are actively keeping abreast of changing policies, rules and laws in this new space.”
