Bitcoin, the world’s leading cryptocurrency, has experienced a strong performance recently, surging over 4% in a matter of hours. In addition, the performance of other digital currencies, such as Ethereum, has also gained momentum. This indicates that the cryptocurrency market is growing in popularity and may continue to appreciate in value.
The cryptocurrency market continues to grow even though the government has imposed stricter regulations on digital currencies.
Bitcoin, the most valuable digital currency, is increasing in value, and many other forms of digital currency are emerging.
US GDP figures in highlights
In the world of cryptocurrencies, the prices of Bitcoin (BTC) and Ethereum (ETH) are known for their volatility reacting to various global events and economic indicators. One such event that has the potential to influence their price movements is the release of the final gross domestic product (GDP) data from the United States.
As this key economic statistic sheds light on the overall health of the US economy, traders and investors alike will be closely monitoring its impact on the cryptocurrency market.
at 12:30, the USD Final GDP Q/Q The data will be released, and it is likely to indicate that the US economy grew at 2.7% for the quarter, matching the expected figure of 2.7%.
This data point, which reflects the overall economic health, could potentially impact the cryptocurrency markets, especially bitcoin and ethereum.
Bitcoin and Crypto Markets Show Resilience Despite Regulatory Pressure
The global cryptocurrency market is still doing well in the face of tighter regulations from the US government. This is evidenced by the significant gains in bitcoin, which has been gaining traction since the start of the year.
Additionally, several new types of digital currencies have been introduced this year. Despite government efforts to ban it, these new digital currencies hold significant value, which is good news for bitcoin holders as their value is expected to increase.
As of January 1, 2023, there are over 22,000 types of digital currencies with a value of approximately $800 billion. As of March 29, 2023, there are over 23,000 types of digital currencies with a value of over $1.1 trillion. This indicates that the digital currency market is still growing, despite government intervention.
It is noteworthy that despite the regulatory issues, there are about 10 new types of digital currency being introduced daily in 2023 as well. Although the largest digital currency exchange, Binance, is facing legal issues, it has not stopped people from using digital currency.
Bitcoin Predicts Fall to $13,000 Despite Recent Rally, Says Chief Market Strategist
Bitcoin (BTC) has had an impressive year, surging by 70% and currently trading at around $28,400. However, Gareth Soloway of InTheMoneyStocks.com Prediction that it will drop below $13,000 before rebounding.
The financial industry has experienced difficulties, with institutions such as Silvergate Bank And signature bank Failure in the United States and the acquisition of Credit Suisse by UBS. Soloway suggests that the recent surge in bitcoin is due to individuals investing in bitcoin rather than traditional banks.
However, as the banking system stabilizes, the value of bitcoin could decline, potentially as low as $9,000 in 2023. Therefore, while bitcoin is currently performing well, its success may be short-lived, and it may decline in value.
As a result, this bearish forecast is considered to be one of the primary factors that could prevent further growth in BTC price.
Experts predict a bright future for bitcoin with possible price growth
On a positive note, the future of bitcoin looks promising as experts anticipate an increase in its value. Former Coinbase director Balaji Srinivasan has bet $2 million that bitcoin will hit $1 million within 90 days.
Meanwhile, Marshall Beard, chief strategy officer at US cryptocurrency exchange Gemini, has predicted that bitcoin will reach $100,000 this year.
Analysts suggest that the adoption of the cryptocurrency by institutional investors is one of the key factors that could increase the demand for bitcoin, resulting in a significant increase in the price.
The optimistic predictions made by these experts are expected to contribute to factors that could drive the price of BTC higher.
bitcoin price
The current price of bitcoin is $28,314, with a 24-hour trading volume of $20.7 billion. Bitcoin has gained almost 4% in the last 24 hours.
According to the technical analysis, the BTC/USD pair is currently showing a positive trend. However, it may face hurdles once it reaches the $28,950 range.
If bitcoin successfully overcomes the $28,950 resistance, it could potentially increase its value to $29,250 or even $30,500.
However, if a bearish trend emerges, the $26,500 and $25,500 support levels are expected to provide important support.
ethereum price
The current price of Ethereum is $1,789.56, with a 24-hour trading volume of $9.2 Billion. In the last 24 hours, Ethereum has gained about 0.50%. Currently, Ethereum is struggling to break the $1,840 resistance and it is constantly trading near the $1,700 support area.
If the ETH/USD pair manages to overcome the $1,800 level, it is expected to face resistance at the $1,900 mark.
It is predicted that the support level for the ETH/USD pair will be either $1,700 or $1,620.
Top 15 Cryptocurrencies to Watch in 2023
Stay up to date with the latest ICO projects and altcoins regularly with a curated list of the 15 most promising cryptocurrencies to keep an eye on in 2023, recommended by experts from Industry Talk and Cryptonews.
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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