As the Federal Reserve announces its interest rate decision, many investors are looking to the future of Bitcoin and asking: Can BTC hit $30,000 this month?
The Federal Reserve announced on Wednesday that its key short-term interest rate would rise by a quarter point, less than the previous increase of 0.5 points in December. This decision showed that inflation is not as high as before and is slowing down.
After its two-day meeting, the Federal Reserve reported that inflation has eased slightly but remains relatively high. The central bank seems reluctant to signal that its effort to fight inflation is waning, even as it weighs the benefits of the move against mounting threats of recession.
Bitcoin has experienced a noticeable decline in value in recent days, leading investors to wonder if this is the best time to buy this cryptocurrency. Bitcoin is currently trading within a range of $22,700 – $23,850 and the outcome of this range will indicate how the market is likely to respond.
In this article, we’ll look at the possible reasons behind Bitcoin’s recent price drop and discuss whether it’s a viable option to invest in right now.
US Government Issues Blacklist of Bitcoin and Ether Addresses Linked to Sanctions Evasion Efforts
OFAC, the US Treasury Department’s watchdog for sanctions compliance, has included a Bitcoin and Ethereum address on its “blacklist” as it believes these addresses have been used to evade sanctions.
A Press release revealed that Igor Zimenkov and his son Jonatan were part of a vast network of individuals and organizations attempting to export defense technology to foreign countries. Jonatan Zimenkov, a Russian citizen, was connected to two addresses associated with both his father and Rosoboroneksport OAO.
Rosoboronexport is a Russian state broker dealing with arms exports, according to the company’s website. according to a Press release of the Office of Foreign Assets Control (OFAC), Igor and Jonatan Zimenkov were in direct contact with organizations subject to economic sanctions from Russia.
Rosoboroneksport has conducted multiple transactions related to Russian cyber security and helicopter sales to foreign nations, and has personally interacted with potential clients to assist in the sale of Russian military equipment.
At the time of writing, neither the Bitcoin nor the Ether address had any digital currency. The Bitcoin address, which contained no more than 0.01 BTC (valued at about $230 as of that time) was last used in December 2022. This specific Ethereum address has seen a substantial amount of ETH flow in or out in the past, but has not been active for almost a year.
Last November, an ether address received funds from an address identified by Arkham Intelligence as a wallet that is active in over-the-counter (OTC) trading. This is quite intriguing to note. Alameda Research, the trading firm set up by FTX originator Sam Bankman-Fried, previously wired money to that address.
From now on, the value of Bitcoin sits at $23,052.37 with a daily trading volume of $22 billion. In the last 24 hours, it has seen a 0.33% decline. It currently holds the highest position on CoinMarketCap and has a market capitalization of $444 billion.
The 4-hour BTC/USD chart has struggled to break above the $24,000 barrier recently. Since then, it has fallen to test the $23,000 support level.
According to the 50-day moving average of the 4-hour time frame, a support at $23,000 has been established for the Bitcoin price. If it breaks below this level, it could potentially drop to $22,600 or even lower to $22,350. This can also trigger a bullish reversal in the BTC/USD pair.
Investing in long positions with prices above $23,000 and a target of $23,550 or $24,000 could be considered beneficial. However, if the price falls below the support zone at $23,000, short positions could become more profitable.
CryptoNews recently published a list of the most likely crypto investments that could bring you good returns in 2023. If you are considering investing, it is important to do your research carefully and look for other great options that may generate higher returns.
Cryptocurrency enthusiasts are always on the lookout for the latest news and trends in the digital asset space, so they can identify any possible opportunities they want to invest in. They pay special attention to altcoins and Initial Coin Offerings (ICOs) to ensure they stay ahead of the curve.
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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