Bitcoin rises despite U.S. crackdown, as crypto market gains $84 billion in value Crypto markets rose on Thursday, shrugging off a tougher regulatory stance from the U.S. government. Bitcoin gained 2.06% to $24,500.00 at around 4:04 p.m. ET while ether was up 1.21% at $1,679.31, according to Coin Metrics. There are ” increasing signs that the market bottomed last November and has turned bullish,” Vijay Ayyar, vice president of corporate development and international at crypto exchange Luno, told CNBC. “We are gaining in momentum here and any bad news is being shrugged off, typical signs that the market believes the worst is over.” Crypto markets were on edge earlier this week following increased regulatory scrutiny from U.S. authorities on digital currencies. On Monday, the New York State Department of Financial Services told Paxos to stop minting new Binance USD, or BUSD, stablecoins. A stablecoin is a type of cryptocurrency pegged to a real-world asset and some are backed by assets such as bonds or cash. BUSD is pegged one-to-one to the U.S. dollar. Paxos also confirmed that the Securities and Exchange Commission has notified the company that the agency could recommend an action that alleges BUSD is a security. The SEC has not yet formally levelled any charges against Paxos. Read More: https://www.cnbc.com/2023/02/16/bitcoin-btc-price-surges-as-crypto-market-gains-84-billion-in-value.html