- Advertisement -
value of Bitcoin The world’s largest stablecoin, Tether, has been highly volatile in recent days due to the uncertainty surrounding it. Tether is facing legal issues, which has caused fear, uncertainty, and doubt in the crypto market, which has caused BTC to drop to the $22,000 level.
Meanwhile, the prices of several well-known cryptocurrencies including Litecoin (LTC) and Dogecoin (DOGE) have also seen minor declines.
The recent decline in the crypto market can be attributed to the issuance of US manufacturing numbers and concerns around the accessibility of banking services for crypto companies in the US.
In this article, we will examine the current state of the cryptocurrency market and make bitcoin price predictions for the coming days.
Silvergate Uncertainty, Weak Crypto
After the market closed on Wednesday, Silvergate filed a report with the Securities and Exchange Commission (SEC), announcing a delay in submitting its annual report as it assesses the impact of several events on its operations.
As a result, the value of cryptocurrencies including bitcoin fell sharply and is showing mixed signals. It is worth noting that the Silvergate incident had a significant impact on the value of cryptocurrencies.
Notably, Silvergate Capital (SI) announced on Wednesday night that it would delay the submission of its annual report due to losses from the November FTX crash and multiple regulatory investigations.
As a result, this had a detrimental effect on market sentiment, causing investors and traders to lose faith in the stability and security of the crypto industry, which could result in a market-wide selloff.
Furthermore, the backlash faced by Silvergate Capital has increased regulatory scrutiny of the cryptocurrency industry, making authorities more hesitant to issue licenses to crypto-related businesses. This could potentially limit the growth and expansion of the industry.
Avoiding risk in the bitcoin market
The global cryptocurrency market is set to end the week on a bearish note owing to several factors. The release of strong US economic data has fueled speculation that the Federal Reserve may take more aggressive action to combat persistent inflation by raising interest rates.
Investors and traders are closely monitoring economic indicators in preparation for possible rate hikes and inflation. With the economy performing well and inflationary pressures still present, it is likely that the Federal Reserve will raise its policy rate to a higher level than it anticipated late last year.
Bitcoin It is currently priced at $22,357 with a 24-hour trading volume of $18.5B, showing a decrease of 0.25% in the last 24-hours. Similarly, Ethereum is trading at $1,570 with a 24-hour volume of $6.7B and is down 0.15% in the last 24-hours.
According to technical analysis, the BTC/USD pair could break out of a symmetrical triangle pattern near the $23,250 level. In such a scenario, BTC price may come in contact with the $22,046 support area. Another break below this support area could send BTC towards $21,450.
Furthermore, the presence of a bearish engulfing candle indicates a strong sell bias. However, if the candle closes above this level, there could be a bullish bounce-off targeting $22,800 or higher towards the $23,750 mark.
Investors interested in buying bitcoin may want to explore alternative options that offer greater potential for short-term growth.
Cryptonews conducts a comprehensive analysis of the top 15 cryptocurrencies investors should consider for 2023. To know more click on the link given below.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
Find the best price to buy/sell cryptocurrency