Bitcoin Price Prediction as $10 Billion Trading Volume Comes – Where is BTC Heading Now?
Both of the most well-known cryptocurrencies, Bitcoin and Ethereum, are continuing to lose value as the week comes to a close. Ethereum has dropped over $1,800, while Bitcoin recently plummeted below $28,000.
Although Bitcoin rose to a high of $28,500 earlier this week, the surge was brief as the price dropped sharply. Similar to Bitcoin, Ethereum’s failure to reach $1,800 on Sunday morning worried investors.
The news that Binance, a prominent cryptocurrency exchange, is dealing with crypto legislation in the US and Dubai, however, can be linked to the cause of the most recent decrease.
Binance, which received an MVP licence from the Dubai-based Virtual Assets Regulatory Authority (VARA) in September 2022, has been instructed to provide further details regarding the ownership structure, governance, and auditing practises of the business.
The fact that the US economy is expanding as evidenced by recently reported job data has also helped the US currency gain ground globally, raising the possibility that the Federal Reserve will have to hike interest rates next month.
The fact that market players currently think there is a 70% possibility that interest rates will increase, which would probably have a negative influence on Bitcoin prices, is evidence of this.
Binance is Under Regulatory Scrutiny in Dubai and the US, Potentially Impacting Bitcoin Prices
As was previously mentioned, Dubai’s Virtual Assets Regulatory Authority (VARA) has asked Binance, the top cryptocurrency exchange, to provide additional information on the organization’s ownership structure, governance, and auditing methods.
This action is a part of the UAE city’s effort to combat the difficulties posed by cryptocurrencies with strict legislation and guarantee adherence to the strictest regulatory standards. According to Binance management, they have met their regulatory and fiduciary obligations and have given VARA all pertinent information.
As a result, Binance is restricted by the expanding legislation, which comes at a time when the US Commodities Futures Trading Commission is exerting pressure. Investors appear cautious as a result of the increasing regulatory scrutiny, which will likely have an impact on the recent Bitcoin price boom. VARA is looking into Binance and other foreign cryptocurrency exchanges.
Analyst Predicts Bitcoin Rally to $130K by Year End Using Elliott Wave Theory
Bitcoin may cost $130,000 by the end of this year, predicts a well-known expert who employs the Elliott Wave theory, a technique for technical analysis. According to this hypothesis, a coin experiences five waves during a bullish trend, with the first, third, and fifth waves signifying rising prices.
This is a positive indicator, therefore investors may purchase more bitcoins in expectation of their worth rising. This could have an impact on the price.
US Nuclear-Powered Bitcoin Mining Sees Impressive Results
The first Bitcoin mining plant in Pennsylvania that uses only nuclear energy has just launched, according to TeraWulf, a firm that mines cryptocurrency in the US.
The Nautilus facility has already activated over 9,200 miners, which has resulted in a 50% rise in the business’s average operating hash rate since February.
Meanwhile, the business operates a mining plant in New York that uses both nuclear and hydroelectric power, resulting in an average daily output rate of 7.5 BTC, or $208,973 at the current price of bitcoin.
This significant news was thought to have a favourable effect on the price of bitcoin. It demonstrates that interest in and investment in mining operations are increasing, which demonstrates an increase in public confidence in the long-term worth of cryptocurrencies.
Bitcoin Price
As Bitcoin trades in a narrow range between $27,600 and $28,900, the continuous conflict between upbeat bulls and cautious bears continues.
According to technical analysis, the BTC/USD pair exhibits a negative trend. Yet, it can encounter resistance close to the $28,250 mark.
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