Bitcoin Price Prediction: BTC Nears New High in Just 6 Months – New Bull Market Beginning?
Bitcoin’s price has risen significantly in the last 6 months, and its value is now at an all-time high. There is speculation that a new bull markets may be beginning.
The BTC/USD traded at $23,723. It has gained 3.50% in the past 24 hours and currently trades at $23,796.00
BTC/USD fluctuated between $24,239.00 and $23,668.00. Its value has increased more than 3% over the past week.
How the Fed’s Interest Rate Increase Is Affecting Money
The Federal Reserve raised interest rates 25 basis points (0.25 percent points) on February 2, to 4.5%-4.75%. This was in line with market expectations.
Jerome Powell, head of the Federal Reserve, spoke at a press conference, stating that the economy was in deflationary mode. Powell confirms This is why it is too early to declare victory over inflation.
Jerome Powell stated that he doesn’t expect the Federal Reserve to lower interest rate this year contrary to predictions by prominent analysts. Powell also stated that he wasn’t concerned about the suggestion by the bond market of one more rate reduction before a pause. Some market participants anticipate inflation to fall faster than the Fed expects.
Although the market had expected the rate increase and Powell had suggested further increases, the market responded positively to Powell’s comments. The market responded to the Federal Reserve’s interest-rate hike by increasing the BTC/USD.
FASB Approves Crypto Asset Accounting Standard. What Does It Mean For You?
The FASB approved a proposal regulation regarding the accounting and disclosure for cryptocurrencies on February 1. This regulation will give guidance to digital asset owners and provide investors with more information.
Recently, the Financial Accounting Standards Board (FASB), proposed a new financial accounting standards board. New regulations For organizations that deal with cryptocurrency. To ensure compliance, cryptocurrency exchanges and businesses must adhere to certain accounting principles and procedures.
It is suggested that companies segregate digital currency assets from other intangible assets, such as patents or trademarks, in their financial statements. This will ensure better accounting and disclosure of US crypto assets. Companies must adjust their net income to reflect the crypto assets’ profits and losses.
Only a few businesses would be affected by the proposed regulation. The Board has yet to receive input from large companies like Tesla and Block on the inquiry. MicroStrategy is a cryptocurrency company that has supported the move.
The proposed regulations could lead to a greater public trust in digital currency if they are accepted. This is a positive development for BTC/USD because it will likely bring more stability and potential growth.
Feds Block Addresses of Russian Black Market Dealers
The Office of Foreign Assets Control (OFAC), US Department of the Treasury, was established on February 1. Announcement It claimed that two cryptocurrency wallets were added to its Specially Designated Nationals list. These wallets are reportedly linked with a Russian network that evades sanction. According to the OFAC, it had blacklisted Bitcoin and Ethereum addresses that Jonatan Zimenkov used, the son Igor Vladimirovich Zimenkov.
According to the Office of Foreign Assets Control, Jonatan Zimenkov and his son Igor joined forces to create a network for sanctions evasion that sent “high-tech devices” to Russia during the invasion of Ukraine in 2014.
Blockchain data also shows that neither the Ethereum or Bitcoin addresses sanctioned by the Treasury hold any assets. The Treasury appears to be making an increased effort to incorporate cryptocurrency wallets into its Sanction Initiative, which could increase transparency and the value BTC/USD, the most popular coin.
One Bitcoin currently costs $23,565 and has a trading volume of $30 billion. In the last week, Bitcoin’s rate has increased by 2.50%. It currently holds the top spot in CoinMarketCap, with a market capitalization of $454 Billion.
Recent graphs of BTC/USD exchange rates for the last 4 hours have not been able to break through $24,000. It then dropped and reached the $23,000 support.
Bitcoin’s support level is now at $23,000, according to the 50-day moving average over the 4-hour period. It could fall to $22,600 or $22,350 if it falls below that value. This could also cause a bullish reversal of the BTC/USD currency pair.
It could be profitable to buy Bitcoin with a greater value than $23,000, and set targets of $23,550 and $24,000. Selling positions could be more lucrative if the price drops below $23,000.
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