So, if we closely observe the data, past Bitcoin halving events have been able to establish long-term bullish drivers for Bitcoin’s price. Historically, halving has been seen as a very good sign for bringing momentum in Bitcoin’s price. This event is generally viewed as positive for Bitcoin’s price, as halving helps in contracting supply. The Bitcoin halving event happens every four years in which Bitcoin rewards to its miners are cut in half, (miner’s payout will be reduced to 3.125 BTC). One of the other reasons why experts are bullish on Bitcoin is that, next year, 2024, is a year for Bitcoin’s halving event.
On ground, the move has been lauded by the industry-at-large as this is a step towards regulating this space, where in absence of regulators, the enforcement agencies will directly take recourse to any discrepancies. In a specific gazette notification, the Union Finance Ministry of India stated that all the transactions related to virtual currencies or digital assets would fall under the purview of Prevention of Money Laundering Act (PMLA).Īt the face of it, the new development may appear detrimental to the crypto community in India. Moreover, India’s stance on cryptocurrencies continues to be tough with the government bringing all crypto-related transactions under the ambit of the Money Laundering Act. The reasons for such volatility has been the macroeconomic conditions of the major markets such as the U.S. Bitcoiners should not forget that the currency is still trading almost 50% low from its all-time high. While the future of Bitcoin remains unknown, retail investors need to be very watchful and cautious about each and every move of Bitcoin, as it has been quite a tumultuous year for Bitcoin.
has enhanced the appetite for the cryptocurrencies, which are referred to as an alternative to the conventional banking system. So, it will not be wrong to say that the recent financial crisis in the U.S. But due to factors such as deepening banking crisis in the U.S., weakening of the dollar index and cooling inflation have been able to bring back Bitcoin and other digital currencies to lead the path of resistance. which crossed $69,000, in November 2021.Īt the start of the year 2023, the world’s largest cryptocurrency, Bitcoin, plunged under the levels of $20,000. However, the road to recovery is long, as Bitcoin is still down almost 50%, from its all-time high. This year Bitcoin has rallied 80% higher than previous year levels. Bitcoin has nearly pulled back by approximately 16% since hitting a high of $30,000 two months ago. In April 2023, The top cryptocurrency by market value touched the key resistance level of $30,000, for the first time since Jand then started dipping below till the levels of $28,000. According to CoinMarketCap, the volume of all stable coins is now $26.96 billion, which is 94.45% of the total crypto market 24-hour volume and Bitcoin’s dominance is currently 48.45%, an increase of 0.32% over the day, at the time of writing. platform.Ĭrypto experts believe that, if Bitcoin sticks to its resistance level of $27,700, then a bounce back could be likely from here, however breaking the same level can even lead it to the lowest of $30,000 levels.Īt the time of writing, the global cryptocurrency market capitalization is trading around $1.07 trillion. It has also alleged that a firm owned by its founder CZ, was involved in artificially increasing the trading volume of crypto assets which were listed on its Binance U.S. SEC blamed Binance for creating separate entities as Binance.US and, as part of an elaborate scheme to evade US federal securities laws. SEC over mishandling of consumers’ funds and violating securities law. Last month, Bitcoin was trading in the downward trajectory as one of the largest cryptocurrency exchanges, Binance, got into trouble with the U.S. Securities and Exchange Commission, SEC has sued one of the leading cryptocurrency exchanges, Binance and its founder and chief executive officer, Changpeng Zhao (CZ).īut now due to various factors such as dollar weakening, cooling inflation data, pause in rate hike in the U.S., optimism from BlackRock’s ETF filing and safe haven flows has led to the Bitcoin recovery since last two weeks.Īccording to CoinMarketCap, in the last 24 hours, the global cryptocurrency market has surged nearly 1%, standing at $1.07 trillion. Bitcoin, which had an unstable flow in May due to various micro and macro factors, is finally trading in green after a huge gap.Įarlier, Bitcoin has fallen below $26,000 and is trading at three-months low when the U.S. The world’s largest cryptocurrency, Bitcoin is once again following the path to recovery, as the coin has surged almost 4% over the past one week, trading at 27,900, at the time of writing. Here’s a detailed read which will help you to find out all the possibilities for Bitcoin prices in 2023. Please invest carefully, your capital is at risk
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