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Bitcoin () rose to a new all-time high of over $28,300 on Wednesday, defying the bearish sentiment that has gripped the amid the troubles of Binance, the 's largest . 🙌

The of bitcoin surged by more than 10% in the past 24 hours, reaching as high as $28,387 at 11:30 UTC, according to CoinDesk 20 . The rally came despite the that Binance is facing scrutiny in several countries, including the U.S., the U.K., , and Germany. 😮

Binance has been accused of operating without proper licenses, facilitating laundering, and offering derivatives products to retail investors without adequate disclosures. The exchange has denied any wrongdoing and said it is cooperating with regulators. 🙅‍♂️

Some said that the bitcoin rally shows that investors are not deterred by the Binance , and that the demand for the leading cryptocurrency remains strong across the globe. 🌎

“The Binance news has not had a material impact on bitcoin's price. This suggests that the market is becoming more mature and resilient to external shocks,” said Jason Lau, chief operating officer at San Francisco-based OKCoin. 👏

Lau added that bitcoin's fundamentals are also improving, as more and corporations are adopting the as a store of and a hedge against . 💰

“Bitcoin is breaking new highs because it is breaking new highs. It is a positive feedback loop that attracts more attention and capital into the space,” he said. 😍

Other crypto experts said that bitcoin's rally is also driven by its limited supply and growing demand from retail investors, especially in , where many countries are facing economic challenges and currency devaluation. 📈

“Bitcoin is becoming a safe haven asset for many people in Asia who are facing political instability, social unrest, and currency depreciation,” said Bobby Ong, co-founder and chief operating officer of CoinGecko, a crypto data provider. “Bitcoin is seen as a way to preserve their and hedge against inflation.” 🛡️

Ong also noted that bitcoin's , or its share of the total crypto market capitalization, has increased to over 70%, indicating that investors are favoring bitcoin over other . 🥇

“Bitcoin is still the king of crypto, and it is leading the market higher. Other cryptocurrencies are lagging behind and struggling to catch up,” he said. 🏆

Source: First Mover Asia: Bitcoin Rises Over $28.3K Despite Binance Legal Woes

Melanie Lynskey

By Melanie Lynskey

Hi, I’m Melanie Lynskey, a writer at I love to write about politics, history, and social issues. I’m always passionate about exploring different perspectives and challenging the status quo, and I enjoy sharing my analysis and commentary with my readers. I have a degree in political science from the University of Oxford, and I have worked as a journalist and a researcher before joining When I’m not writing, I like to travel, learn new languages, and listen to podcasts. You can follow me on Facebook @melanie.lynskey or email me at

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