in the world of cryptocurrencyMarket volatility and price predictions are the norm, with bitcoin often being the most talked about digital currency.
with recent Federal Reserve interest rate hike Affecting the financial markets, many are wondering how this move will affect the trajectory of bitcoin.
This article discusses the potential for bitcoin to reach the $30,000 mark after its rate hike, exploring factors that could be driving the price and market sentiment surrounding this popular cryptocurrency.
Banking Collapse Helps Bitcoin Regain Positive Momentum
Since the beginning of March, US regulators have closed and sold three medium-sized US banks: Silicon Valley Bank, Signature Bankand the First Republic.
This is the largest number of failures to hit the US since the 2008 financial crisis.
In Europe, Credit Suisse, a major global player in the financial turmoil, is being forced into a rescue plan with competitor UBS. Mass customer withdrawals, driven by concerns over the safety of their funds, contributed to the collapse.
Banks in the United States, Europe and the UK are facing a crisis, resulting in a loss of public trust and more people are being attracted to cryptocurrencies due to their decentralized nature.
Furthermore, US Secretary of State Janet Yellen stated that the US will reach its debt limit in June, which put further pressure on the US Dollar and boosted BTC/USD price.
Bitcoin breaks daily transaction record amid growing interest in new network technology
Bitcoin recently set a new record for daily transactions as interest in Ordinals, a protocol that expands blockchain’s applications, continues to grow.
According to data from BitInfoCharts, daily bitcoin transaction volume increased to 682,009 on Monday after hitting the previous record of 568,300 a day earlier.
This was almost 78,000 more than the previous peak during the 2017 bull market.
Most of these transactions originated with Ordinals, as it allows users to embed data into bitcoin’s blockchain, similar to NFT minting.
The ease of investing in cryptocurrency and sending payments internationally contributed to the increase in user base, resulting in more transactions.
Bitcoin gains attention ahead of election cycle
Bitcoin seems to have received additional support from recent comments made by US presidential candidate Robert F Kennedy Jr. The Democratic candidate believes that the turmoil in the US banking sector is due to the “war on crypto”.
according to them the SEC and FDIC There is no legal authority to wage an additional war on crypto that is hurting the major banks of the country.
He further added that critics who believe that bitcoin’s energy use is bad are simply misunderstanding the concept.
The political attention crypto and bitcoin are receiving ahead of the upcoming election cycle is also contributing to the market value.
bitcoin price
BTC/USD Showing positive outlook after falling till 28,250. On the 4-hours chart, bitcoin has formed a bullish engulfing pattern and it is currently heading towards the next resistance at $29,300.
If demand for BTC increases, it could potentially surpass the 29,300 level, later exposing the resistance of 29,975.
On the other hand, BTC may find considerable support near the 50-day exponential moving average, which may provide support near the 28,650 level.
In case of a break below the 28,650 level, the downtrend could continue till the next support at 27,823 is reached.
If the price declines further below 27,800, the downtrend could sustain till the next support near 27,150.
Top 15 Cryptocurrencies to Watch in 2023
In addition to bitcoin, the market offers a variety of promising cryptocurrencies, including emerging altcoins and pre-sale tokens with the potential for substantial returns.
As a result, the Cryptonews Industry Talk team has compiled a list of the top 15 cryptocurrencies for 2023, each of which has demonstrated significant growth potential in both the short and long term.
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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