most popular cryptocurrencies, Bitcoin And EthereumEnding the week on a bearish note, both coins continue to decline in value. Bitcoin recently declined below $28,000, while Ethereum dropped to $1,800.
Although bitcoin peaked at $28,500 earlier this week, the rally was short-lived as the price declined sharply. Similarly, Ethereum’s failure to reach $1,800 on Sunday morning left investors worried.
However, the reason for the latest decline can be traced to the news that Binance, a leading crypto exchange, is facing crypto regulations in the US and Dubai.
The Virtual Assets Regulatory Authority (VARA) in Dubai has told Binance, which is a mvp license From the Authority in September 2022, to give more details about the company’s ownership structure, governance and auditing procedures.
In addition, the broad-based US dollar is gaining traction due to the issuance of earlier US job data It is showing that the US economy is growing, increasing the likelihood that the Federal Reserve will have to raise interest rates next month.
This was corroborated by market participants who now believe that there is a 70% chance that interest rates will rise, which will have a negative impact on the bitcoin price.
Binance Under Regulatory Scrutiny in Dubai and US, Potentially Affecting Bitcoin Price
As previously reported, Dubai’s Virtual Assets Regulatory Authority (VARA) has ordered major cryptocurrency exchange Binance to submit more details regarding the company’s ownership structure, governance and auditing processes.
The measure is part of the UAE city’s effort to meet the challenges of cryptocurrencies with tougher laws and ensure compliance with the highest regulatory requirements. Binance management has stated that they have provided all required answers to VARA through their regulatory and fiduciary duties.
Therefore, this increasing legislation limits Binance, which is already under pressure from the US Commodity Futures Trading Commission. VARA’s investigation into Binance and other foreign crypto exchanges will impact the current bitcoin price rise as investors look cautious due to increased regulatory scrutiny.
This could lead to a decrease in demand for cryptocurrencies, which could eventually affect their prices.
Analyst Using Elliott Wave Theory to Predict Bitcoin Rally to $130K by the End of the Year
According to a popular analyst who uses a technical analysis method called Elliott Wave Theory, the price of bitcoin could reach $130,000 by the end of this year. This theory states that when a coin is on a bullish trend, it passes through five waves, with the first, third and fifth waves indicating rising prices.
Since this is a good sign, investors may buy more bitcoin in anticipation of a rising price, which may affect the price.
US Nuclear-Powered Bitcoin Mining Sees Impressive Results
Terrawolf, a United States-based company that mines cryptocurrencies, has opened the first bitcoin mining facility in Pennsylvania that runs on 100% nuclear power.
More than 9,200 miners have already been commissioned at the Nautilus facility, which has led to a 50% increase in the company’s average operating hash rate since February.
Meanwhile, the company also operates a hydroelectric and nuclear-powered mining facility in New York, which contributes an average production rate of 7.5 BTC per day, or $208,973 per day at current bitcoin prices.
This was seen as important news that would have a positive effect on the price of bitcoin. This shows that people are becoming more interested and investing in mining operations, which shows that people are becoming more confident in the future value of cryptocurrencies.
bitcoin price
The ongoing struggle between the optimistic bulls and the cautious bears remains Bitcoin It remained confined within a tight trading range between $27,600 and $28,900.
Technical analysis shows that the BTC/USD pair is showing a downtrend. However, it may face resistance near $28,250.
If bitcoin breaks this resistance, its price could increase towards $28,900 or $29,250. Conversely, if the downtrend continues, there is a substantial support near the $26,500 and $25,500 levels.
Top 15 Cryptocurrencies to Watch in 2023
To stay up to date with the latest ICO projects and altcoins, it is recommended to regularly consult our expert-curated list of the Top 15 Cryptocurrencies to Watch in 2023.
Doing so will help you stay well informed about emerging trends and opportunities in the crypto market.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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