Bitcoin (BTC) price targets $29,000, shrugging off lawsuit from DCG, Genesis and Gemini

Bitcoin (BTC) posted a modest rise of $28,600 midday on Thursday, despite expected news that would send the crypto price significantly lower.

The state of New York today filed a lawsuit against Digital Currency Group, its subsidiary Genesis Global Capital, and crypto exchange Gemini for fraud of more than $1 billion.

In parallel, interest rates continue to rise sharply, with the 10-year US Treasury yield rising another 6 basis points to 4.97%, threatening to breach 5% for the first time since before the global financial crisis. This, in turn, caused stocks to fall for the second day in a row.

However, Bitcoin remains up 1% at $28,600 after briefly rising to just under $29,000 earlier in the session.

Most major alternative cryptocurrencies – altcoins – traded flat, with Ether (ETH), Binance-adjacent token BNB, Polkadot’s DOT and Dogecoin (DOGE) slightly lower. Solana (SOL) bucked the trend and rose 5% on the day.

Also at work were Federal Reserve Chairman Jerome Powell’s comments at the Economic Club of New York. He said inflation was still too high, but rising long-term bond yields could reduce the need for further rate hikes. Powell indicated that the Fed would likely leave interest rates unchanged in November, but left open the option of a possible rate hike in December.

The lawsuit appeared to have no impact on the Grayscale Bitcoin Trust (GBTC) share price, which rose nearly 2% on the day, according to TradingView data. Asset manager Grayscale, another DCG subsidiary, is looking to convert its massive $15 billion Bitcoin investment vehicle into an exchange-traded fund (ETF). The company won a legal victory against the U.S. Securities and Exchange Commission in August for rejecting its conversion application. The SEC did not appeal the decision last week.

Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers