Bitcoin Price Prediction As $38 Billion Trading Volume Comes In – Will BTC Keep Going Up?
Bitcoin opened trading on January 24th at $22,910 and is currently trading at $22,895.00, up 0.40% in the last 24 hours. BTC/USD has fluctuated between a high of $23,154.00 and a low of $22,770.
Furthermore, the 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 its Bitcoin trust into a spot-based exchange-traded fund (ETF). Michael stated unequivocally that while the SEC should undoubtedly strive to eliminate unethical actors, it should not impede efforts to pass appropriate legislation.
Furthermore, Sonnenshein stated that the regulator’s failure to prevent such unethical actors from entering the crypto sector hindered Bitcoin’s expansion into the US regulatory perimeter.
Due to the volatile nature of the cryptocurrency industry and the speculative nature of digital assets, regulators need to get involved and pass the necessary legislation. The rules will also cause BTC/USD to rise because investors will feel safer.
What does the Federal Reserve’s pivotal rate hike mean to you?
The cryptocurrency market may rise in February, signaling a positive change in the macroeconomic situation. The Federal Open Market Committee (FOMC) meets on January 31 and February 1.
As a result, the Fed’s monetary policy forecast against the possibility of a US recession could 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 rise in the price of cryptocurrency in the event of a Fed pivot.
Traders are predicting a rate hike of 0.25% in February and a similar outcome in subsequent meetings. If this turns out to be true, the Bitcoin/USD price could skyrocket.
How BlockFi Revolutionizes Bitcoin Mining Through $160 Million in Secured Loans
BlockFi Inc., a bankrupt cryptocurrency lender, intends to liquidate debt totaling approximately $160 million, which is 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 affected by the crypto winter and falling BTC prices.
According to reports, lenders gave $4 billion in loans to crypto mining companies. BlockFi is now trying to market Bitcoin miner-backed loans to consumers using its 68,000 rigs.
Given the drop in mining equipment prices, the $160 million in loans is expected to be undersecured. Despite rumors that cryptominers are in trouble, BTC/USD has rallied from lows.
Bitcoin price
Bitcoin is currently valued at $23,020 and has a 24-hour trading volume of $23 billion. Bitcoin is up almost 1% in the last 24 hours. With a live market worth $443 billion, CoinMarketCap currently ranks at the top.
Bitcoin currently faces a significant barrier near $23,250, with immediate support at $22,500. If the candles break below $22,500, a bearish correction will almost certainly begin and extend until the $21,500 barrier is reached.
Bitcoin could go as low as $20,450 if it falls below $21,500.
The RSI and MACD indicators are overbought, but the recent bullish engulfing light suggests that the bullish trend may continue.
Bitcoin’s immediate resistance level is $23,250, and a break above this level could expose BTC to levels as high as $23,900 and $25,150.
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