https://coinpedia.org/bitcoin/bitcoin-price-to-flip-if-it-hits-this-level-forming-a-sell-zone/

The post Bitcoin Price To Flip If It Hits This Level Forming A Sell Zone! appeared first on Coinpedia Fintech News

In recent days Bitcoin has been intriguing both investors and traders due to its price action. In the month of February, Bitcoin has had a roller coaster ride in terms of price movement. In the last few days the flagship currency was pulled back to $21K after hitting the $24K area. However, Bitcoin price has once again regained the $24,000 level.

At the time of writing, Bitcoin is selling at $24,728 after a fall of 0.76% over the last 24hrs.

Now the question of Bitcoin’s further price action has left market participants in a confusing state whether to sell or hold on. However, a renowned crypto analyst and trader known as DonAlt claims that the crypto market is currently mirroring the 2020 pattern where Bitcoin is flashing strength and recovery.

Bitcoin Price To Enter A Bearish Trade ?

DonAlt is among the analysts who had purchased Bitcoin in November during its bottom and now he has come up with a strategy to when and how to sell BTC. Moreover, as per his analysis Bitcoin will enter a consolidation zone near $30,000 and this is the area where he considers BTC to sell.

On the contrary, DonAlt states that if Bitcoin manages to surpass the $32,000 area the next move can be either bullish or bearish. Hence, he is of the opinion that $30,000 is the area where one can sell and claim some profits.

Before the strategist winds up his analysis, he talks about Litecoin (LTC) which he had purchased in November when it hit as low as $60. Even though Litceoin is currently on a bullish momentum, DonAlt plans to hold onto his LTC even if Bitcoin makes a move above $32,000.

Currently, Litecoin is changing hands at $94.01 with a loss of 3.62% over the last 24hrs.

https://coinpedia.org/bitcoin/analyst-a-new-all-time-ahead-for-bitcoin-price-above-this-key-level/

The post A New All-Time Ahead For Bitcoin Price Above This Key Level appeared first on Coinpedia Fintech News

Even when there are rising fears over restrictive measures by the US government, the first born cryptocurrency Bitcoin has surged nearly 50% in 2023. Moreover in the early hours today the Bitcoin price had even hit the $25,000 area before making a slight fall back around $24,000 level.

At the time of reporting, the flagship currency is selling at $24,919 after a surge of 0.40% over the last 24hrs and 15.06% increase in the past week. Bitcoin’s immediate resistance is at $25,200 while the support is positioned at $24,800 level.

A New Bull Run For Bitcoin Price

Meanwhile, a well-known crypto analyst known as Dave the Wave informs his Twitter followers that Bitcoin is about to see a massive spike. This is because the analyst is of the opinion that the start of cryptocurrency is mostly following its 2019 pattern where it had surged from low of $4,000 to $14,000 in a few months.

If his predictions turn out to be true, then as per his chart Bitcoin price could hit as high as $50,000 by May. Further while Dave analyzes Bitcoin’s all-time high, he claims that BTC will hit ATH at $150,000 by 2025.

Next, the strategist states that Bitcoin might see a correction around $25,000 before the currency moves towards $68,000 and hit $150,000.

The above claim indicates that Bitcoin price is certainly aiming for a new bull run above $25,000. If BTC moves past $25K the very next target will be $26,000 and $27,000 area.

https://coinpedia.org/bitcoin/heres-when-bitcoin-btc-price-will-hit-50k-timeline/

The post Here’s When Bitcoin (BTC) Price Will Hit $50k – Timeline appeared first on Coinpedia Fintech News

CryptoRUS’s George Tung has released a new analysis video discussing Bitcoin’s potential to hit $50,000 by June. Tung presents three reasons for his argument. 

Why Bitcoin Price Can Hit $50k Soon?

Tung’s first reason focuses on angel metrics, which indicate that Bitcoin is recovering from its bottom. Tung cites several indicators, including the Rhodo ratio, MVRV score, realized cap hold of waves, and reserve risk, which all suggest that Bitcoin has hit its lowest point using previous data. 

Additionally, the fractal pattern that is similar to 2019, when Bitcoin shot upwards after going sideways for a few months, also supports his claim.

Tung’s second reason is institutional adoption. He highlights that BlackRock and Fidelity have invested in Bitcoin-related companies and introduced their own Bitcoin funds and exchanges. 

BlackRock has a $15 billion Bitcoin fund and holds physical Bitcoin, while Fidelity is already involved with miners and institutions. This increased institutional adoption shows that these companies are serious about investing in Bitcoin and will likely bring in a significant amount of money into the space.

Lastly, Tung notes Bitcoin’s growing use case. The recent success of the first Bitcoin NFT collection indicates a demand for digital art, and upgrades to the Bitcoin blockchain will allow for the storage of images on it. The Stacks project also helps dApp makers program on top of Bitcoin, with 35,000 smart contracts already deployed. 

This, combined with the use of the Lightning Network, makes Bitcoin a great medium for exchange and a potential store of value against inflation, which is appealing to many investors.

While Tung is confident in his prediction, he advises investors to exercise caution and conduct their own research before making any investment decisions. As of press time, BTC is worth $24,876.

https://coinpedia.org/price-analysis/dogecoin-doge-whales-flexes-on-chain-activity-will-the-price-spike/

The post Dogecoin (DOGE) Whales Flexes On-Chain Activity – Will the Price Spike? appeared first on Coinpedia Fintech News

The largest meme coin by daily traded volume and market capitalization, Dogecoin (DOGE), has enjoyed a bullish sentiment since tech billionaire Elon Musk purchased Twitter Inc for a whopping $44 billion. With a market capitalization of approximately $11,962,464,342 and a 24-hour traded volume of about $926,904,880, the Dogecoin ecosystem enjoys over 5,142,743 global holder base. 

The second largest proof-of-work (PoW) secured digital asset has seen its social media involvement spike following the rise of meme coins’ global popularity. As of today, Dogecoin’s official Twitter account has amassed over 3.6 million followers since its inception in 2013.

Having registered over 1000 X in its lifetime, Dogecoin has attracted whale investors due to its deep liquidity and high volatility. Moreover, Ethereum miners have enjoyed some cushion from the Dogecoin network after the former migrated to proof-of-stake (PoS)  through the Merge event.

Dogecoin Whale Appetite Spikes

The 2023 crypto relief rally has not significantly favored the Dogecoin price compared to other meme coins like Floki and Shiba Inu. Nonetheless, whales have been accumulating the meme lord irrespective of the bear market. Moreover, the next crypto bull market is expected to go parabolic in less than two years, according to most analysts.

According to analysis provided by on-chain analytic firm Santiment, Dogecoin’s whales have purchased over 1.06 billion DOGE worth approximately $94.34 million in the last 24 hours.

Additionally, Santiment noted that more whale accounts have been withdrawing Dogecoins from centralised exchanges to non-custodial wallets.

However, the Dogecoin price continues to consolidate sideways despite the increased on-chain whale activity.

https://coinpedia.org/news/secs-hypocrisy-spotlighted-does-ripple-deserve-harsher-punishment-than-terraform-labs/

The post SEC’s Hypocrisy Spotlighted: Does Ripple Deserve Harsher Punishment Than Terraform Labs? appeared first on Coinpedia Fintech News

The United States Securities and Exchange Commission (SEC) is facing scrutiny for its recent lawsuit against Terraform Labs and its founder, Do Kwon. Court documents suggest that the regulatory body is treating Terra and Kwon with significantly less severity than Ripple, raising questions about the SEC’s inconsistent approach to regulating the cryptocurrency industry.

SEC To Pursue Legal Action

While the SEC seeks to punish only the defendants in the Terra case, it plans to pursue legal action against Ripple and anyone associated with the company, including employees, agents, and lawyers. Ripple has fiercely defended its position that XRP is not a security, and the SEC’s actions are a response to this stance.

Ripple recently achieved a minor victory when the SEC admitted that XRP is a software code and not a security. The company argues that it should be held to the same standards as Ethereum, which the former SEC chief deemed not to be a security in 2018.

The case has far-reaching implications for the future of cryptocurrencies in the US and is a legal test of the SEC’s system of “regulation by enforcement” for the industry. Ripple’s CEO, Brad Garlinghouse, emphasized this point during a speech at the WEF 2023 summit.

Multi-Billion Dollar Fraud

In contrast, the SEC’s lawsuit against Terraform Labs and Kwon alleges that they conducted a multi-billion dollar crypto asset securities fraud. The complaint asserts that the company sold an “inter-connected suite of crypto asset securities” through unregistered transactions and misled investors about the stability of Terra’s stablecoin.

The complaint also claims that Terraform and Kwon marketed their Anchor Protocol, which promised to pay out 20% interest on USTC deposits, without disclosing the risks involved. The SEC’s actions form part of a broader attempt to regulate the rapidly growing and evolving cryptocurrency industry.

As the industry continues to develop, it is inevitable that regulators will play an increasingly significant role in shaping its future. The question remains whether they will do so in a consistent and constructive manner or through enforcement that could stifle innovation.

https://coinpedia.org/news/kucoin-lists-floki-inu-is-binance-next-in-line/

The post KuCoin lists Floki Inu, Is Binance Next in Line? appeared first on Coinpedia Fintech News

Following news that Kucoin will list the Meme token, Floki is exploding and the ‘Shiba-inu competitor’ gained almost 60% in value. The Kucoin listing makes Floki accessible to millions of cryptocurrency users in various nations. Shortly after, the LCX Exchange announced that it would also be launching Floki.

The meme coin has a $496 million market valuation, and the Floki community is expecting that Binance will list it soon. Not to mention Binance’s strong relationship with Elon Musk as a result of the cryptocurrency exchange purchasing some Twitter stock when the Tesla CEO took over the position of the CEO. 

Building its ecosystem around three main utility projects—focusing on NFT marketplaces, metaverse-based games, and educational platforms—is how Floki Inu hopes to move forward.

Both the Ethereum and the Binance Smart Chain support Floki Inu. The initial coin offering (ICO) pricing for Floki Inu was set at a relatively reasonable $0.0000041 per token, with a maximum of 10 trillion tokens. While the price of the Floki coin did not change much in the initial weeks, the token’s value nearly quadrupled from $0.000002763 on July 28 to $0.000004458 on July 30, 2021.

The price of cryptocurrencies fell in 2022 in the wake of the economic crisis and collapse of various cryptocurrency exchanges. At a price of $0.0000998, Floki Inu corrected by more than 91% to close the year at $0.00000881. Yet in 2023, Floki Inu skyrocketed and increased over 50% on February 16th, 2023. According to reports,  Elon Musk’s tweet was the cause of the price increase.

Although if it was just a joke about Floki becoming the new Twitter CEO, Musk may have been hinting that he is actually serious about looking for a successor. He clarified that by the end of 2023, Twitter might have a new CEO.

https://coinpedia.org/news/tether-tops-in-terms-of-stablecoin-market-cap-here-is-why/

The post Tether Tops In Terms Of Stablecoin Market Cap – Here Is Why ? appeared first on Coinpedia Fintech News

The Securities and Exchange Commission (SEC) has always been on Crypto crackdown on crypto companies and 2023 crypto crackdown started with Kraken. The SEC charged Kraken for not registering their sale of the crypto staking programme after which the exchange agreed to shut down the programme.

The recent one comes with the crackdown of Paxos which is a financial and Blockchain institution. Today the SEC prosecuted Paxos for issuing and listing Bianance USD (BUSD) stablecoin. This move has benefitted Tether in terms of market capitalization that has peaked.

Tether Records Highest Market Cap

As per SEC’s claim the US dollar-backed stablecoin, BUSD is a security and Paxos has made a move against investor protection law after listing it on their platform. Paxos listed BUSD on Feb 13 and since then BUSD has lost its market cap by nearly $2 billion after hitting $14 billion as of today.

On the other hand, the second largest stablecoin by its market cap, USD Coin has recorded a drop in its supply. Its market cap has decreased from Feb 12’s $41.29 billion to $40.99 billion on Feb 14. Nevertheless, USD did reclaimed its $41.30 billion range on Feb 15 following the news that Circle was not involved in any lawsuit action.

Interestingly, the SEC’s crypto crackdown has laid a positive impact on Tether as its market cap has increased nearly $69 billion.

This was mainly due to investors’ decision to dump BUSD after the Paxos crack down news and moving towards Tether USDT. However, this is a developing story, hence I need to watchout for further development to know the results.

https://coinpedia.org/news/hoskinson-defends-contingent-staking-model-lashes-out-at-critics/

The post Hoskinson Defends Contingent Staking Model, Lashes Out At Critics appeared first on Coinpedia Fintech News

Charles Hoskinson, the founder of Cardano (ADA), has offered a concept that might comply with legal requirements as the cryptocurrency industry adjusts to the increased regulatory scrutiny around staking activities. Operators in the area, according to Hoskinson, should take into account the dependent staking model, which is based on know-your-customer practices.

Hoskinson pointed out that the transaction certificate would be two-sided under the concept, requiring both the delegate and the staking pool operator to sign the transaction before it is carried out. Note, under the present staking model, a person must send a transaction to the pool in order to transfer their stake to the pool.

This approach has received a lot of criticism from the crypto community in terms of questions and comments. Let’s see why. 

Hoskinson slams critics 

Hoskinson in his recent series of tweets explained that the contingent staking concept has drawn criticism from a number of cryptocurrency supporters who claim that it will just create a KYC regime on Cardano. In response to criticism, Hoskinson stated that the critics are polarised and determined to depict the suggested model inaccurately.

He said, “Opponents of this concept [contingent staking] offer no solution for how actors like governments, universities, regulated entities, not-for-profits, and others who could and sometimes actually do run stake pools can do so and stay in compliance with local regulations. I guess they don’t matter?” 

Hoskinson further criticized critics for failing to comprehend the risks associated with permitting Initial Stake Pool Offerings (ISPO) to run without entrance requirements.

Hoskinson clarified that on the top blockchain, contingent staking does not impose a know-your-customer regime. He argued that neither private pools nor regular staking are eliminated under the model.

“Contingent staking does not implement a KYC regime on Cardano. It does not replace normal staking. It does not remove private pools. A marketplace of SPOs would still exist and allow people to continue to delegate to their preferences, including normal stakepools.”

Hoskinson claimed that Cardano would keep a market of stake pool providers where users could stake in accordance with their preferences.

The founder of Cardano asked detractors to refrain from overreacting to issues that are not outlined in the Cardano Improvement Proposal (CIP).

Community Reaction 

The crypto community has taken notice of this string of responses. Many people agreed with Hoskinson. They have indicated that many people simply watch Twitter for subjects like CS to arise so they may dramatize it into a debate simply because they enjoy conflict.

Others have noted that there are those who barely comprehend contingent staking yet nonetheless have critiques for it. 

https://coinpedia.org/news/a-new-twist-in-terra-luna-crisis-investigation-do-kwon-to-get-arrested-soon/

The post A New Twist In Terra-LUNA Crisis Investigation, Do Kwon To Get Arrested Soon ? appeared first on Coinpedia Fintech News

The saga between Terra-Luna, its founder Do-Kwon and South Korean prosecutors looks like a never ending one. It all started in May 2022 when the Luna crypto network collapsed after which nearly $60 billion got wiped out, shaking the entire crypto industry. This resulted in Bitcoin losing nearly $300 billion in value and bringing down the entire crypto market.

Today, the South Korean prosecutors who are investigating the Terra-LUNA case have now submitted an arrest warrant against TMON’s Ex-CEO. As per the prosecutors, former TMON CEO had received billions worth Terra (LUNA) as a bribe to inculcate LUNA as a payment method on TMON. TMON is an e-commerce platform based in South Korea.

The reports claim that Daniel Shin, Terraform Labs co-founder, had requested the former TMON CEO to introduce Terra (LUNA) as a payment method and also promote it. Further investigations have disclosed that the former TMON CEO has profited billions of won by converting those LUNA tokens.

Before the crash, the Terra (LUNA) gained huge attraction from traders and investors due to extensive advertisements that made them believe that the altcoin was a safe asset. Such an increased demand also saw various crypto exchanges list Terra (LUNA).

On the other hand, the investigators are also looking deep into the matter to know if the funds were used for any illegal matters. Also the prosecutors are appealing to soon arrest Terraform Labs’ Do Kwon for his involvement in the Terra-LUNA crisis. Moreover, South Korea is known for its increasing crypto crimes in the country. Government’s 2022 report claims that crypto trading has influenced 75% illegal foreign exchange transactions in the country

https://coinpedia.org/altcoin/top-macro-expert-makes-bold-prediction-about-solana-sol-1000-by-the-end-of-this-cycle/

The post Top Macro Expert Makes Bold Prediction On Solana (SOL); $1000 by the End of this Cycle appeared first on Coinpedia Fintech News

As the price of Solana (SOL) remains relatively stable at $21, macroeconomics specialist and former Goldman Sachs executive Raoul Pal has issued a daring forecast for the cryptocurrency. As of the time of this publication, the price of Solana has gone up by 2.8% in the last twenty-four hours but has gone down by 8.16% in the last seven days.

Raoul Pal’s Wild Prediction for SOL

According to Pal, he anticipates that the currency will reach $1,000 before the conclusion of the current cycle. He also said that it might simply go up to $500, but he is really bullish about SOL regardless of this possibility.

Because sellers controlled the market throughout the day, the most recent price analysis for Solana reveals a major negative trend in the underlying market. After the price reached a new low, support emerged, and now the bulls are working to push the price levels back up to where they were before.

On January 30, the price of SOL fell below an ascending support line that was shown on a short-term chart that is six hours in length. Afterward, on February 2nd, it was confirmed that there was resistance. Since then, the price has decreased.

In addition, it seems that the price is trading down, and there is overall selling pressure, both of which are very negative developments for the cryptocurrency. If the current pattern of selling continues, one should prepare for the possibility of more price erosion in the future.

A four-hour Solana price analysis shows that the market is still being pressured by bears, and the bulls are struggling to take control. Prices are still trending down, although bulls have made a comeback in the last day.

In spite of recent weakness, the price remains well above its 20-day moving average of $21.46. We may expect future price movement to be optimistic due to the comparatively high volatility.

https://coinpedia.org/news/a-senior-journalist-from-fox-news-says-sec-is-looking-to-cut-off-all-forms-of-crypto/

The post A Senior Journalist From Fox News Says SEC Is Looking To ‘Cut off’ All Forms of Crypto appeared first on Coinpedia Fintech News

Charles Gasparino, a senior correspondent for Fox News, offered his perspective on the SEC’s (Securities and Exchange Commission) recent crackdown on the cryptocurrency industry. The SEC is attempting to largely “cut off” cryptocurrency in all of its forms after the FTX fiasco, according to a number of securities lawyers and former SEC officials, says Gasparino.

Notably, Gasparino revealed on Twitter that the Securities and Exchange Commission (SEC) of the United States handled Ethereum and XRP differently due to the different stages of blockchain development.

It follows criticism of Gasparino’s reporting style from a member of the XRP community who cited a September 2021 story from the FOX journalist. It’s important to note that Gasparino has repeatedly stated that these are not his personal opinions, but rather what agency sources tell him.

Gasparino compared the member of the XRP community to a mommy’s boy in reaction to Mr. Huber yesterday, making reference to Will Ferrell’s appearance in the 2006 film “Wedding Crashers”. In a notable dig at the journalist’s research abilities, the self-described investigator, in turn, criticized the journalist’s translation of “meatloaf” into German.

The journalist wrote, “In the US, men who live with their moms demand “the meatloaf” for lunch. In Germany, dudes like this scream for “the sauerbraten” but somehow it doesn’t have the same ring to it. Sad ha!”

The SEC has been cautioning publicly traded businesses to disclose to investors any stake they may have in the recent crypto epidemic in the industry. Paxos Trust, a blockchain business, has been ordered to stop creating its Binance USD stablecoin, which is tethered to the dollar, by the New York Department of Financial Services (NYDFS). 

This action was taken shortly after the Securities and Exchange Commission of the United States sent Paxos a notice stating that Binance USD is an unregistered security. Paxos has been instructed to stop creating new BUSD tokens, although it will still be in charge of managing redemptions.

https://coinpedia.org/bitcoin/bitcoin-traders-could-be-forced-to-liquidate-positions-warns-peter-brandt/

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The Bitcoin market continues to give neutral signals despite the weekly death cross that occurred during the weekend. Up approximately 2 percent in the past 24 hours, the top digital asset is exchanging around $22,127 on Wednesday. With over $81 million liquidated in the crypto market, about $23 million involved Bitcoin pairs. The spike on Tuesday is largely attributed to the CPI data that came in hotter than forecasts. 

As the Fed continues to tighten monetary policies to curb the high inflation, crypto traders anticipate more choppy markets ahead. Moreover, the increased fear due to regulatory crackdowns in the United States could further exacerbate the selling pressure.

Notably, the SEC has argued that crypto staking and stablecoins programs should be registered as securities. As such, crypto liquidity is expected to crunch down in the coming quarters.

“Cryptos are weakening as every trader worries about how crippling this SEC wave will be with the cracking down on staking products and stablecoins,” said Edward Moya, an analyst at broker Oanda. “The news flow has been rather bearish for crypto.”

Closer Look at Bitcoin Analysis 

The Bitcoin price action is heavily monitored due to its effect on the altcoin market and the general crypto trend. While the short-term price action remains undecided, most analysts are bullish on Bitcoin’s long-term success.

For instance, Ark Invest’s Cathy Woods has reiterated severally that Bitcoin is bound to hit $1 million in the next decade. Robert Kiyosaki, the author of Rich Dad Poor Dad, has indicated that Bitcoin will trade at $500k by 2025.

On a short-term basis, Veteran Trader Peter Brandt has asserted that Bitcoin could be forming a 3-day trailing stop rule signal. Notably, the trailing stop rule is a risk management strategy formed when a daily candle closes higher than the high of the candle that created the present low (the set-up day) and is validated when the next daily candle breaks the set-up day high (the trigger day).

https://coinpedia.org/bitcoin/heres-how-bitcoin-btc-price-is-reacting-to-cpi-data/

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The price of bitcoin remained below $22,000, slightly extending its slump. Ethereum also posted a dip, barely managing to stay over the $1,500 mark. After the US January inflation statistics, the cryptocurrency market bounced back, however, investors are now alarmed by the reports that US officials are targeting stablecoins.

The US CPI report, which was published yesterday, showed a decrease from 6.5% to 6.4% (YoY). BTC saw swing moves, but eventually, the price was able to begin a recovery wave. As the price of Bitcoin stays above $22K despite the bounce, it is reclaiming territory above the $21,500 support. Over the past week, the price of Bitcoin has fluctuated between $21,500 and $22,000. After recovering, BTC’s price attempted to cross the resistance at $22,000 yesterday.

Markets commentator Holger Zschaepitz wrote on Twitter, “US inflation mixed.” 

Speaking of Whales, monitoring resource Material Indicators said,

“#FireCharts shows #Bitcoin whales trying to lure retail in at higher levels ahead of the #CPI as purple whales sell into retail bid liquidity. Also, note that the buy wall has returned to the $24.4k range in 2 levels. If the $6M up top gets hit, I expect the lower $18M to the rug.”

Since Monday, more than $700 million worth of BUSD tokens have been burnt by Paxos, the company that created the $16 billion Binance USD (BUSD) stablecoin. According to blockchain data, Paxos indicated at that time that it would stop issuing the coin due to increasing regulatory pressure. Amid the growing tensions, Bitcoin price is likely to trade in a tight range.

https://coinpedia.org/news/senate-seeks-clarity-on-cryptocurrency-regulations-in-crypto-cash-hearing/

The post Senate Seeks Clarity on Cryptocurrency Regulations in ‘Crypto Cash’ Hearing appeared first on Coinpedia Fintech News

On 14 Feb, the Senate Banking Committee held a hearing to discuss the recent “crypto crash” and proposed new regulatory safeguards for the cryptocurrency industry. Skeptical members of the committee heard from both crypto enthusiasts and evangelists in an effort to understand the failures that have plagued the industry in the past year, including the Terra (LUNA) debacle.

The hearing addressed concerns about the risk of fraudulent behavior, scams, and illegal activity related to cryptocurrency. Sen. Sherrod Brown, the committee’s chairman, expressed worry that cryptocurrency could be used for illegal operations like drug trafficking and human trafficking. He also reiterated concerns expressed by governments and central banks a decade ago.

Sen. Tim Scott, the ranking member of the committee, opened the hearing by stating that they needed to hear from the SEC Chair Gary Gensler directly to understand recent regulatory actions. He also hinted at charges against Kraken and Paxos. Brown, in his opening remarks, stated that crypto catastrophes had exposed what many already knew about digital assets, cryptocurrency, and stablecoins.

The government officials conducted an investigation with the assistance of three witnesses to evaluate the requirements and advantages of establishing a regulatory framework for the cryptocurrency business.

However, not everyone was persuaded that imposing extra regulations is the best way to address the problems facing the crypto sector. Scott claimed that federal authorities already held the power to clamp down on corporations such as FTX. He stated that it is important for regulators to enforce existing regulations and conduct appropriate supervision.

The discussion centered on the need to establish a regulatory framework for the cryptocurrency industry to safeguard savers and investors. The hearing took place at a crucial time for the cryptocurrency market, which currently faces a series of scandals, fraud, dramatic arrests, international manhunts, hacks, exploits, and obtrusive marketing. In many instances, major financial authorities such as the SEC, NYDFS, and Justice Department have intervened in crypto firms to either penalize or bar them from continuing operations.

https://coinpedia.org/news/bitcoins-fate-hangs-in-the-balance-as-cpi-report-looms-expert-anticipates-a-make-or-break-moment/

The post Bitcoin’s Fate Hangs in the Balance as CPI Report Looms: Expert Anticipates a Make-or-Break Moment appeared first on Coinpedia Fintech News

Bitcoin’s price remains in the negative, and the Consumer Price Index report that is due out later today has further ratcheted up the anxiety among traders and investors, who are unsure whether or not the data will force the king coin to drop much more.

Michael van de Poppe Weighs in

A prominent crypto expert by the name of Michael van de Poppe has chimed in on the topic and said that he does not see Bitcoin dropping much lower. The expert believes that there is a possibility that the price of the king coin will drop below $20,000 before the month of February is finished; however, he anticipates that this decline will be extremely temporary. Poppe provided another refutation of the rumors that the price of bitcoin will return to $15,000.

Since the beginning of the year, the analyst has maintained a bullish stance toward BTC. In his analysis, he predicted many weeks ago that he anticipates a significant decline in the price of the king coin to the level of $21,700.

Poppe admits that the surge in trading activity for bitcoin represents increased momentum in favor of the bulls. This indicates that the value of the cryptocurrency might see a significant increase to reach $40,000 by June 2023.

The market expert believes that a break over the $23,200 level would cause bitcoin to surge above the $25,000 level, which is the next immediate level of resistance. In spite of the fact that he is aware of the possibility that a decline would result in the loss of liquidity, he feels that it may be a profitable chance for buying.

Bitcoin Price

At the time of writing, the 24-hour volume for Bitcoin trading was $35.3 billion, while the price of Bitcoin had fallen by 0.5% to $21,734. Maintaining its lead as the largest digital currency by market value (438.2 billion dollars), Bitcoin is still going strong.

The token’s price might drop to an estimated $21,500 if it continues to trend downward from its present level. Technical analysis, however, shows increased selling pressure, as shown by the RSI and MACD indicators, which might lead to a new bottom of $21,050 in the near future.