February 16, 2023

Bitcoin (BTC) surged more than 10% over the past 24 hours, moving to just shy of $25,000. The world’s largest crypto ran to as high as $24,898 early Thursday, its strongest level since Aug. 15. It’s since retreated to just under $24,500. Bitcoin in recent days had dipped below $21,600 amid growing investor concern over regulatory risk teamed with ideas that the U.S. central bank still had a long way to go to tame inflation. Investors, for now, appear to be shrugging off those concerns.

(Bitcoin 24-hour chart)

As U.S. regulators continue to sniff around Binance, the world’s largest crypto exchange is prepared to pay monetary penalties to “make amends” for past regulatory violations, according to The Wall Street Journal. The exchange grew quickly and was not initially aware of the myriad laws and regulations designed to prevent money laundering, sanctions evasion, and corruption, Binance Chief Strategy Officer Patrick Hillmann told The Journal on Wednesday. Binance expects to face fines, said Hillman, and is “working with regulators to figure out what are the remediations we have to go through now to make amends for [past violations].”

FTX sent $7.7 billion in assets from the crypto company's Bahamian unit to its U.S. counterparts in the period leading up to its bankruptcy filing last year, a Delaware bankruptcy court was told during a Wednesday hearing. Court-appointed joint provisional liquidators in the Bahamas said that $5.6 billion was transferred from Bahamas unit FTX Digital's custodial accounts to U.S. entity FTX trading, while another $2.1 billion was transferred to FTX's U.S. trading arm, Alameda Research. FTX's new management reached a cooperation agreement in early January with court-appointed liquidators in the Bahamas to iron out disagreements and address the assets in dispute.

Bitcoin's recent bull move follows a prolonged consolidation at the bear market depths and has legs, according to Emerging Assets Group's William Noble. (William Noble/TradingView)

Bitcoin (BTC) has rallied nearly 50% in the first seven weeks of the year, reaching a six-month high of $24,900, with outside forces like the sentiment in traditional markets largely supportive. 

Recently, the crypto market and Wall Street's tech-heavy Nasdaq index have grown resilient to the Federal Reserve's (Fed) angst and the resulting uptick in Treasury yields.

One chart analyst expects a continued move higher that could see bitcoin more than double in value in the coming months.

"Bitcoin is breaking out from a long basing formation,” William Noble, director of research at Emerging Assets Group and former analyst at Goldman Sachs and Morgan Stanley, told CoinDesk. “There is a saying, the bigger the base, the higher into space," he continued. "Bitcoin may move from consolidation to another parabolic move back to $56,000," Noble said.

Source: Amberdata

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