Bitcoin Price Prediction As BTC Forms First Ever ‘Death Cross’ – Should Crypto Industry Be Concerned?
On February 13, BTC/USD started trading at $21,796. It is now trading at $21,504, down nearly 2% over the previous 24 hours. BTC/USD has moved between a high of $21,902.00 and a low of $21,444.00 and lost 6% in value in the past week ending February 12
CBUAE launches FIT initiative to boost digital transactions
On February 12, the Central Bank of the United Arab Emirates (CBUAE) introduced a Financial Infrastructure Transformation (FIT) program to facilitate the digital transformation of the financial sector. The FIT program will be rolled out in phases, beginning with the introduction of various digital payment infrastructures and services.
The program will then be expanded to include a number of digital infrastructures linked to data handling and regulation. As part of the first phase of the FIT initiative, the CBUAE plans to introduce a national and international central bank digital currency (CBDC).
In a statement, the bank claimed that the FIT is a step towards making the CBUAE one of the world’s leading central banks. The initiative aims to promote digital transactions and strengthen the financial industry.
According to the statement, these digital infrastructures will increase their security and operational resilience, while improving innovation and customer experience, reducing operational costs and improving regulatory compliance.
The UAE Central Bank unveiled its financial infrastructure transformation plan, which consists of nine digital finance measures to make the country a hub for digital payments. As a result, the news is positive for the most popular digital currency, Bitcoin.
IMF issues warning to El Salvador: Address the risks of using Bitcoin
On 10 February, the International Monetary Fund (IMF) became released a statement of caution following its recent visit to El Salvador, where it contacted the country’s economic representatives. Following its recent visit to El Salvador, where it met with the country’s economic representatives, the International Monetary Fund (IMF) issued a warning on 10 February.
Due to the financial risk that Bitcoin bonds represent, the IMF has urged El Salvador to avoid trading in them. The Central American country that supports digital assets has tightened regulations, resulting in this latest development.
According to the IMF, the risks associated with the use of Bitcoin as legal tender have not yet materialized. The adoption of new legislation aimed at encouraging the use of digital assets and Bitcoin bonds could increase the risk. Furthermore, the IMF believes that government purchases of bitcoin should be more transparent.
The IMF also stressed the importance of the Salvadoran government increasing transparency about its Bitcoin transactions and providing a transparent financial status report on the Chivo wallet, its state-owned Bitcoin wallet.
El Salvador’s government has come under fire for its lack of transparency in using public funds to buy Bitcoin. Furthermore, the IMF’s warning about the risks of Bitcoin may weigh on BTC/USD.
Decoding the Impact of US Inflation Data on Crypto Prices
The consumer price index (CPI) inflation figures for January will be released by the US Bureau of Labor Statistics on February 14. Markets and the US Federal Reserve previously disagreed on when to raise interest rates.
Markets have recently shifted to the Fed’s side, expecting another hike in March and possibly another in May. It may be related to January’s job numbers reducing the likelihood of a recession, but it may also be a result of concerns about the January CPI report.
The CPI in January is expected to be 0.5%. Furthermore, the report may not be as favorable as some expect. BTC/USD and other cryptocurrencies fell as regulatory restrictions continued to put downward pressure on the price of digital assets.
On Tuesday, however, cryptos are in for a different kind of surprise, as significant macroeconomic data is expected to be the next big market trigger.
Bitcoin price
As of today, the live Bitcoin price is $22,012, with a 24-hour trading volume of $16.6 billion. In the last 24 hours, Bitcoin has increased by 1.54%. Bitcoin is currently ranked #1 on CoinMarketCap, with a live market cap of $424 billion. The circulating supply of Bitcoin is 19,288,937 BTC coins, with a max supply of 21,000,000 BTC coins.
Bitcoin is currently approaching a 38.6% retracement of the $21,290 level on the technical front. A breach of this level could open up further room for selling, potentially leading to a decline to the $20,300 level.
However, if the candle closes above the $21,300 level, there is a likelihood of a bullish bounce to the $22,375 level. An increase in buying pressure could push the price of Bitcoin up to the next resistance level of $24,260.
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