Bitcoin Price Prediction as $38 Billion Trading Volume Comes In – Will BTC Keep Going Up?

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Bit­coin opened trad­ing on Jan­u­ary 24 at $22,910 and it’s cur­rent­ly trad­ing at $22,895.00, up 0.40% in the last 24 hours. BTC/USD has ranged between a high of $23,154.00 and a low of $22,770.

Fur­ther­more, its val­ue has risen by more than 8% in the last week.

Why The SEC’s “One-Dimensional” Strategy Is Stifling Bitcoin Growth

Grayscale Invest­ments CEO Michael Son­nen­shein pub­lished a let­ter in The Wall Street Jour­nal on Jan­u­ary 23. The approach of the Unit­ed States Secu­ri­ties and Exchange Com­mis­sion (SEC) to cryp­to reg­u­la­to­ry com­pli­ance, accord­ing to the CEO of a cryp­to asset man­age­ment com­pa­ny, has slowed the growth of Bit­coin in the country. 

He agreed that the SEC was “late to the game” when it came to reg­u­lat­ing cryp­tocur­ren­cies and mit­i­gat­ing FTX’s bank­rupt­cy. Grayscale is now suing the SEC for refus­ing to con­vert their Bit­coin trust to a spot-based exchange-trad­ed fund (ETF). Michael stat­ed unequiv­o­cal­ly that, while the SEC should undoubt­ed­ly strive to elim­i­nate uneth­i­cal actors, it should not obstruct efforts to enact appro­pri­ate legislation. 

Fur­ther­more, Son­nen­shein stat­ed that the reg­u­la­tor’s fail­ure to pre­vent such uneth­i­cal actors from enter­ing the cryp­to sec­tor ham­pered Bit­coin’s expan­sion into the US reg­u­la­to­ry perimeter.

Because of the volatile nature of the cryp­tocur­ren­cy indus­try and the spec­u­la­tive nature of dig­i­tal assets, reg­u­la­tors must engage and adopt the nec­es­sary leg­is­la­tion. The rules will also cause the BTC/USD to rise because investors will feel more secure.

What Does The Federal Reserve’s Pivotal Rate Hike Mean For You?

The cryp­tocur­ren­cy mar­ket could rise in Feb­ru­ary, sig­nal­ing a pos­i­tive change in the macro­eco­nom­ic sit­u­a­tion. The Fed­er­al Open Mar­ket Com­mit­tee (FOMC) will meet on Jan­u­ary 31 and Feb­ru­ary 1.

 As a result, the Fed’s mon­e­tary pol­i­cy fore­cast against the pos­si­bil­i­ty of a US reces­sion may deter­mine how much Bit­coin will cost. Fur­ther­more, a recent trend among Fed offi­cials indi­cat­ed that rate hikes would be slowed.

On Jan­u­ary 23, a well-known fig­ure in the US finan­cial indus­try, Peter Schiff, tweet­ed about the pos­si­bil­i­ty of a cryp­tocur­ren­cy price increase in the event of a Fed pivot. 

Traders pre­dict a 0.25% rate increase in Feb­ru­ary and a sim­i­lar out­come in sub­se­quent meet­ings. If this turns out to be true, the Bitcoin/USD price could skyrocket.

How BlockFi is Revolutionizing Bitcoin Mining Through $160 Million in Secured Loans

Block­Fi Inc., a bank­rupt cryp­tocur­ren­cy lender, intends to liq­ui­date debts total­ing approx­i­mate­ly $160 mil­lion, which are secured by approx­i­mate­ly 68,000 Bit­coin min­ing rigs. 

Accord­ing to a Jan­u­ary 24 Bloomberg report, Block­Fi began the process of sell­ing off the loans last year. Block­Fi has pre­vi­ous­ly pro­vid­ed fund­ing to Bit­coin min­ers who have been impact­ed by the cryp­to win­ter and falling BTC prices.

Accord­ing to reports, lenders pro­vid­ed $4 bil­lion in loans to cryp­to min­ing com­pa­nies. Block­Fi is now attempt­ing to mar­ket Bit­coin min­ing machine-backed loans to con­sumers using its 68,000 rigs.

Giv­en the drop in min­ing equip­ment prices, the $160 mil­lion in loans are expect­ed to be under­col­lat­er­al­ized. Despite rumors that cryp­to min­ing busi­ness­es are in trou­ble, BTC/USD has risen from low levels.

Bitcoin Price 

Bit­coin is cur­rent­ly val­ued at $23,020 and has a $23 bil­lion 24-hour trad­ing vol­ume. Bit­coin has gained near­ly 1% in the last 24 hours. With a live mar­ket worth of $443 bil­lion, Coin­Mar­ket­Cap present­ly ranks top. 

Bit­coin is cur­rent­ly fac­ing a sig­nif­i­cant bar­ri­er near $23,250, with imme­di­ate sup­port at $22,500. If the can­dles fall below $22,500, a bear­ish cor­rec­tion will almost sure­ly begin and extend until the $21,500 bar­ri­er is reached. 

Bit­coin might go as low as $20,450 if it falls below $21,500.

Bit­coin Price Chart — Source: Tradingview

The RSI and MACD indi­ca­tors are over­bought, but the recent bull­ish engulf­ing can­dle sug­gests that the bull­ish trend may continue.

Bit­coin’s imme­di­ate resis­tance lev­el is $23,250, and a break above this lev­el might expose BTC to lev­els as high as $23,900 and $25,150.

Buy BTC Now

Bitcoin Alternatives

Cryp­toNews Indus­try Talk has reviewed the top 15 cryp­tocur­ren­cies for 2023. If you’re look­ing for a high­er poten­tial invest­ment oppor­tu­ni­ty, there are plen­ty of oth­er projects worth considering.

The list is updat­ed week­ly with new alt­coins and ICO projects.

Dis­claimer: The Indus­try Talk sec­tion fea­tures insights by cryp­to indus­try play­ers and is not a part of the edi­to­r­i­al con­tent of Cryptonews.com.

Find The Best Price to Buy/Sell Cryptocurrency

Cryp­tocur­ren­cy Price Track­er — Source: Cryp­tonews



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