BTC is going to Bear ? After FOMC 26 July 2023
The world’s largest cryptocurrency, Bitcoin is once again following the path to recovery, as the coin has surged almost 1% over the past one week, trading at 30,500, adding up to the monthly gain of 12.87%, according to the latest charts retrieved by CoinMarketCap. Bitcoin, which had an unstable flow till last due to various micro and macro factors, finally crossed the psychological threshold of $31,000 mark.
due to various factors such as dollar weakening, cooling inflation data, pause in rate hike in the U.S., has led to the Bitcoin recovery since the last two weeks.
According to CoinMarketCap, in the last 24 hours, the global cryptocurrency market has surged nearly 1.37% , standing at $1.19 trillion.
Before this rally, Bitcoin had fallen below $26,000 and was trading at three-months low when 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). Bitcoin was trading in the downward trajectory as one of the largest cryptocurrency exchanges, Binance, got into trouble with the U.S. SEC over mishandling of consumers’ funds and violating securities law.
In its complaint, the U.S. SEC blamed Binance for creating separate entities as Binance.US and Binance.com , as part of an elaborate scheme to evade US federal securities laws. 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. platform.
Crypto experts believe that, if Bitcoin sticks to its resistance level of $30,000, then a bounce back could be likely from here, however breaking the same level can even lead it to the lowest of $28,000 levels.
due to various factors such as dollar weakening, cooling inflation data, pause in rate hike in the U.S., has led to the Bitcoin recovery since the last two weeks.
According to CoinMarketCap, in the last 24 hours, the global cryptocurrency market has surged nearly 1.37% , standing at $1.19 trillion.
Before this rally, Bitcoin had fallen below $26,000 and was trading at three-months low when 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). Bitcoin was trading in the downward trajectory as one of the largest cryptocurrency exchanges, Binance, got into trouble with the U.S. SEC over mishandling of consumers’ funds and violating securities law.
In its complaint, the U.S. SEC blamed Binance for creating separate entities as Binance.US and Binance.com , as part of an elaborate scheme to evade US federal securities laws. 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. platform.
Crypto experts believe that, if Bitcoin sticks to its resistance level of $30,000, then a bounce back could be likely from here, however breaking the same level can even lead it to the lowest of $28,000 levels.
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