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

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

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The
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projects.

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

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