In the last week, Bitcoin has seen a 10% rise in value, leading many to believe a bull market is coming. The price of Bitcoin can be unpredictable, however there are certain factors to consider when predicting its potential future performance.
On January 28, the BTC/USD market opened at $23,067.00 and has since gained 0.07% in 24 hours to reach a current price of $22,971.00.
In addition, its value has been on an upward trend and has increased by more than 1% in the last week. It has been trading within a range of $23,181 to $22,942 for most of this period.
Arizona Senator Proposes Bills That Would Make Bitcoin Legal Currency
Wendy Rogers, United States State Senator from Arizona, tweeted about a cryptocurrency bill on January 25. Wendy cited data from Goldman Sachs indicating that Bitcoin is the best performing asset in the world. She also introduced legislation to make bitcoin payments legal in Arizona and allow state agencies to accept bitcoin.
SB 1235 is one of several proposals in Arizona that would allow businesses to accept cryptocurrency as payment for rent, taxes, and fines. It would include the ability to use bitcoin for all US dollar-based transactions, allowing both individuals and businesses to use the currency.
If the bill passes, Arizona will be the first state in the United States to accept Bitcoin as payment for any financial debt. As a result, it is good news for BTC/USD.
The SEC’s Latest Crypto Regulations: What You Need to Know
On Jan. 20, US Securities and Exchange Commission (SEC) Commissioner Hester Peirce spoke about cryptocurrency regulation at the “Digital Assets at Duke” conference. The commissioner emphasized that the securities regulator has pursued random registration violations.
The SEC is also reportedly interviewing investment advisers who hold client funds on exchanges like FTX. The SEC reportedly spent months investigating how financial advisers handle custody of clients’ cryptocurrencies. However, since FTX filed for bankruptcy and millions of depositors were left without funds, the investigation has accelerated.
The US agency has now submitted its investigation to determine whether the investment advisers violated the regulations. Investment advisers cannot have custody of client funds if they do not follow certain SEC rules. In addition, advisors must hold funds with a “qualified custodian,” among other things.
The SEC is stepping up its efforts to regulate the cryptocurrency industry. The authority has been under considerable pressure to act in this way, particularly since the demise of FTX. If the SEC investigation confirms the regulations, it may boost institutional confidence in cryptocurrency. As a result, it can be beneficial for BTC/USD.
What to look for at the next Fed meeting
Positive economic data, high employment and a declining inflation rate gave reason to believe that the rate of interest rate increases would slow. As a result, markets are now anticipating a reduction in rate hikes. The Federal Open Market Committee (FOMC) will meet on February 1.
Traders are currently focused on the upcoming FOMC meeting as experts believe the outcome will have an impact on the direction of the market. Furthermore, the FOMC is likely to pare the 50 basis point rate hikes seen in December and only raise rates by 25 basis points at its next meeting in February.
The outcome of the upcoming meeting will have a significant impact on cryptocurrency market sentiment, as well as the BTC/USD price.
Bitcoin it is currently trading at $23,017; it has a 24-hour trading volume of $17 billion. The BTC/USD pair is trading above the support line at approximately $22,325 with Doji and revolving candles closing around the $22,340 to $23,400 region.
Bitcoin is facing a big barrier of around $23,250, but if it can break it, its value could rise sharply to $23,900 or even higher, to $25,150.
On the downside, a negative break of the $22.325 barrier could expose BTC/USD to the downside, resulting in a bearish market reversal. A similar action could send Bitcoin down to $21,500 and possibly $20,450.
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Disclaimer: The Industry Talk section presents information from crypto industry players and is not part of the editorial content of Cryptonews.com.
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