value of Bitcoin Has been quiet and trading sideways in recent weeks. However, as the new week begins, there are signs of progress for BTC. The big question on everyone’s mind is whether bitcoin can reclaim the $24k mark today.
In this article, we will explore the current state of the market and analyze the factors that could affect the price of bitcoin in the near term.
Understanding the Current Crypto Regulatory Landscape
At the G20 meeting in India on February 25, Kristalina Georgieva, managing director of the International Monetary Fund (IMF), expressed a preference for identifying and regulating crypto assets rather than imposing an outright ban. However, the possibility of banning private cryptocurrencies remains open.
recently Interview Speaking with Bloomberg (February 27), Georgieva clarified her comments about a possible total ban on cryptocurrencies, acknowledging the current uncertainty surrounding the classification of digital currency. They also discussed the UN financial agency’s stance on digital assets and its preferred regulatory framework.
Senior White House officials recently to plead US Congress to step up efforts to regulate cryptocurrency sector, while UK government has Proposed The plan is to subject crypto assets to the same legal framework as traditional financial services.
As the demand for further regulation grows, understanding potential regulatory structures and how to operate in a more regulated crypto sphere has become increasingly important for cryptocurrency investors.
Fear of long-term interest rate hike
The latest gross domestic product (GDP) data as of February 23 shows that the US economy grew by 2.7%, slightly below the initial estimate of 2.9%. Meanwhile, the Bureau of Economic Analysis (BEA) reported on February 24 that inflation rose 5.4% in January compared to the previous year, as shown in personal consumption expenditure (PCE) data.
The higher-than-expected PCE price index, the Federal Reserve’s favorite inflation gauge, supports a dovish outlook. The Federal Reserve has set a target of 2% overall inflation, and market participants expect interest rates to rise for an extended period to control inflation.
During the early US session, retail sales data showed mixed results. In January, orders for manufactured goods declined 4.5%, mainly due to a decline in volatile passenger-aircraft bookings. However, there was good news for the economy early in the year, as business investment grew at the fastest rate in five months.
According to economists polled by the Wall Street Journal, orders for durable goods, which include products such as cars, aircraft and computers that will last at least three years, were expected to decline 3.6%. However, if transportation is excluded, new orders grew a solid 0.7% last month.
Additionally, a key measure of business investment experienced its most significant increase since last summer.
Grayscale Inc CEO requests SEC approval for GBTC exchange-traded fund
Grayscale CEO Michael Sonnenschein has been advocating turning GBTC into an ETF, a goal the firm has pursued for some time. According to Sonnenschein, the SEC is violating section 706(2)(a) of the APA by approving a bitcoin futures ETF, but not a conversion to GBTC. Grayscale’s GBTC, which enables institutional investors to gain regulated bitcoin exposure, is trading at a significant discount to its NAV.
If the SEC approves the conversion, the exemption will disappear, and GBTC will trade near bitcoin’s spot price, attracting new investors and generating billions in capital.
bitcoin price
live now Bitcoin The price today stood at $23,250 with a 24-hour trading volume of $23.3B. Bitcoin is down about 1% over the past 24 hours. The current Coinmarketcap ranking is #1 with a live market cap of $448 billion.
On the 4-hour time frame, bitcoin struggled to surpass the key $23,750 resistance. The closing of the candle below this level triggered a bearish correction, potentially sending BTC price down to the $22,800 mark.
The immediate support level for the BTC/USD pair currently lies at $22,800, and a breakdown below it could expose BTC price to the next support area at the $22,150 level.
Although the BTC/USD pair is currently oversold, if the oversold condition persists, a rally is possible, allowing bitcoin to overcome the $23,500 resistance and potentially towards the price of $24,250.
bitcoin options
Investors looking to buy into bitcoin may want to consider alternatives with more room for growth in the short term. Cryptonews has released an in-depth analysis of the top 15 cryptocurrencies investors can consider for 2023. Click below to know more.
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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