Don't Believe the Hype – Bitcoin Price Rise to $17,000 Reflects Improving Sentiment

Negative news flow continues to dominate headlines, but BTC's recent overshoot of $17,000 suggests investors are finding reason for optimism.

Bitcoin (BTC) price gained 6.1% between November 28 and 30 after briefly testing the $17,000 support. Regulatory tailwinds could have helped fuel the rally after the Binance exchange announced the acquisition of a regulated crypto exchange in Japan on November 30.

12 Hour Bitcoin Price Index, USD . Source: TradingView

Binance closed its operations in Japan in 2018 after being warned by the Japan Financial Services Agency for operating without a license. The acquisition of Sakura Exchange BitCoin would mark Binance's return to the Japanese market.

In addition, the Gemini exchange announced new regulatory approvals in Italy and Greece on November 30. The exchange has obtained registration as a virtual currency operator with the Italian payment services regulator. Gemini has been approved as an exchange and custodial wallet provider in Greece.

However, not everything has been positive from a regulatory point of view. In separate letters on November 28, Ron Wyden, Chairman of the US Senate Finance Committee, requested information from six cryptocurrency exchanges. The legislator targeted the need for "insurance-like consumer protections that have been around for a long time...