Bitcoin Price Prediction: Bitcoin Forms First-Ever Death Cross – Should the Crypto Industry Be Concerned?
BTC/USD traded at $21,796 on February 13. The current price is $21,504, a drop of almost 2% in the past 24 hours. The BTC/USD exchange rate has fluctuated between $21,902.00 high and $21,444.00 low, and lost 6% over the week ended February 12th.
CBUAE launches FIT Initiative to Boost Digital Transactions
The Central Bank of the United Arab Emirates, CBUAE (Central Bank of the United Arab Emirates) was opened on February 12. Introduced A Financial Infrastructure Transformation program (FIT) will be implemented to support the digital transformation in the financial sector. The FIT program will begin with the introduction and use of digital payment infrastructures.
The program will eventually expand to include various digital infrastructures that are related to regulation and data management. The CBUAE will introduce a digital currency for central banks (CBDC) as part of the FIT initiative’s first phase.
The bank stated in a statement that the FIT was a step towards making CBUAE one the most important central banks worldwide. This initiative is designed to encourage digital transactions and improve the financial services sector.
The statement states that these digital infrastructures will increase their security and operational resilience, improve innovation and customer experience, reduce operating costs and enhance regulatory compliance.
The Financial Infrastructure Transformation Plan, which is made up of nine digital finance initiatives to make the UAE a hub for digital payment, was unveiled by the UAE’s Central Bank. The news is good for Bitcoin, the most widely used digital currency.
IMF issues warning to El Salvador: address the risks of Bitcoin adoption
The International Monetary Fund, (IMF), will be reopening on February 10. Released Following its recent visit El Salvador, the International Monetary Fund (IMF) issued a cautionary statement. It also contacted financial representatives of the country. The International Monetary Fund (IMF), which was in El Salvador for a meeting with financial representatives, issued a cautionary note on February 10th.
The IMF has asked El Salvador not to trade Bitcoin bonds due to the economic risk they pose. This is the latest development in a Central American country that supports digital assets.
The IMF says that there are no risks associated with Bitcoin being used as a legal tender. New legislation that encourages the use of Bitcoin assets and Bitcoin bonds could increase risk. The IMF also believes that transparency should be a key element in government purchases of Bitcoin.
The IMF also stressed the importance of the Salvadoran government increasing transparency regarding its Bitcoin transactions and providing transparent financial status reports on its Chivo wallet, its state-owned Bitcoin vault.
The lack of transparency by El Salvador’s government in purchasing Bitcoin with public funds has brought down its credibility. The IMF’s warnings about Bitcoin risk may also have an impact on Bitcoin/USD.
Understanding the Impact of US Inflation Data on Crypto Prices
The US Bureau of Labor Statistics will release the January Consumer Price Index (CPI), inflation figures on February 14. The US Federal Reserve and markets have previously disagreed about when to raise interest rate.
Recent market shifts favor the Fed, with markets expecting another increase in March and another in May. This could be due to January’s lower unemployment rate, or it could also be because of concerns regarding the January CPI report.
CPI for January will be 0.5%. The report may not be as positive as many anticipate. BTC/USD and other cryptocurrency fell as regulator constraints continued to reduce the price of digital assets.
Cryptos will be in for a surprise on Tuesday as important macroeconomic data is expected.
Today’s live Bitcoin price is $22,012, and the 24-hour trading volume for Bitcoin is $16.6 billion. Bitcoin has gained 1.54% in the past 24 hours. Bitcoin currently ranks #1 on CoinMarketCap with a live market capital of $424 billion. The current circulating supply for Bitcoin is 19,288,937 BTC coin, with a maximum supply limit of 21,000,000 BTC coin.
Bitcoin is nearing a 38.6% retracement at $21,290 on the technical side. This level could be breached and further selling opportunities may become available, potentially leading to a fall to the $20,000.
If candles close above $21,300, then there’s a chance of a bullish bounce up to $22,375. A rise in buying pressure could push Bitcoin’s price up to $24,260, the next resistance level.
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