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Due to regulatory issues, the crypto market struggled for a week. Bitcoin fell for the first time since the start of the new year in 2023. As a result, all other coins traded at a low value. However, in the middle of this week, the crypto market is turning bullish its capitalization increased by 8.67%. As of writing, Bitcoin rises 11% in 24 hours and holds a value of US$24,689.17. Presently crypto is experiencing a crunch due to soaring interest rates. As a result, investors should remain cautious because Bitcoin could fall at any time. Then again Paxos is halted by SEC and New York regulators.
With a surge in Bitcoin, Ethereum, Shiba Inu, and Dogecoin also turned bullish. Ethereum rises 9.15% in 24 hours with a value of US$1,693 as of writing. Shiba Inu coin rises 6.93% with a value of US$0.00001374. Dogecoin rises 3.39% in 24 hours with a value of US$3.35%. Seeking the surge in the crypto market investors and experts are concerned about imposing new rules by Federal Reserve to restrain inflation. Experts claim that looking at the Bitcoin price movements, traders are purchasing on minor dips.
In January 2023, experts predicted that Bitcoin will soar above US$23,000 and it happened actually. Reacting to the FED meeting, Bitcoin value is oscillating, which reached US$16,000 previously and has swung back to show a bullish trend with a good pace. Due to Bitcoin's halving event that is going to happen in 2024, experts believe Bitcoin will sustain until 2024. The Bitcoin halving event happens every once in four years, pushing the Bitcoin value towards green. The halving event generally assists in contracting supply.
Through the past data, it is pragmatic that Bitcoin halving events relate to deflation and the crushed supply. Being decentralized in nature, Bitcoin supply is limited. So whenever the demand increases the value of the coin increases. Also, along with Bitcoin halving event, the FED's rate hike for just 25 basis points, pushes Bitcoin to remain green until 2024.
There is also another set of experts who are pessimistic about the Bitcoin future. The rising policies and tighter monetary rules might not let Bitcoin surge but rather make a huge downfall. Also, who are holding Bitcoin might also experience the pressure of selling the coins rather than incurring losses.
Conclusion
News on Bitcoin will always be on trend. Be it for the purpose of being bearish, bullish, or for its resilient nature, Bitcoin makes news. Many anticipate the trend of Bitcoin will vanish anytime soon, however, over time we can foresee where Bitcoin heads.
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Disclaimer: Analytics Insight does not provide financial advice or guidance on cryptocurrencies and stocks. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. This article is provided for informational purposes and does not constitute investment advice. You are responsible for conducting your own research (DYOR) before making any investments. Read more about the financial risks involved here.
