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The rally in %Bitcoin ($BTC ) continues as the largest %Cryptocurrency by market capitalization rose another 5% in the past 24 hours to reach as high as $28,500 U.S.

Many analysts are now forecasting that Bitcoin’s price could breach $30,000 U.S. in coming days as momentum in cryptocurrencies gathers steam.

The latest leg higher comes amid turmoil in the traditional banking sector following the failure of several high-profile financial institutions. It also comes despite regulatory crackdowns of cryptocurrencies and stablecoins.

Bitcoin’s price jumped on news that the U.S. Commodity Futures Trading Commission (CFTC) has filed a lawsuit against %Binance, the world’s biggest cryptocurrency exchange.

Bitcoin and other cryptocurrencies have been steadily rising this year after a brutal selloff in 2022 that saw the collapse of several major crypto exchanges and lenders, along with a sharp downturn in asset prices.

Bitcoin’s price is now up 71% year-to-date and has risen 23% during the month of March. %Ethereum ($ETH ), the second-biggest cryptocurrency, is up 50% so far in 2023 at $1,800 U.S.

The rise in crypto prices seems to defy the fact that U.S. regulators are cracking down on cryptocurrencies and the companies behind them.

The U.S. Securities and Exchange Commission (SEC) has threatened in recent days to take legal action against crypto exchange %Coinbase ($COIN ) for alleged securities violations.

Proponents of Bitcoin say it is benefitting from the current banking crisis and that cryptocurrencies can serve as a store of value in times of economic turmoil.

However, Bitcoin and other digital coins and tokens remain volatile. It is not uncommon for prices to up or down 10% in a single trading day.

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