Bitcoin, the leading cryptocurrency, has experienced a rebound in its price, climbing back up to $27,000 after facing a significant drop caused by the SEC’s lawsuit against Binance.
The lawsuit has created uncertainty in the cryptocurrency market, impacting various digital assets.
However, Bitcoin has regained momentum and attracted buyers, leading to its upward movement.
In this Bitcoin price prediction, we will delve into the factors influencing Bitcoin’s price recovery and explore the potential future outlook for the cryptocurrency.
Challenges to US Dollar Dominance: Chinese Yuan, Euro, and Digital Currencies Pose Threat, Says TD Economist
In a report released last week, Vikram Rai, a senior economist at financial services company TD, examined the global trend of de-dollarization and highlighted currencies that could potentially challenge the dominance of the US dollar.
Notably, he mentioned central bank digital currencies (CBDCs), the euro, and the Chinese yuan as significant contenders.
Rai explained that many countries actively seek alternatives to reduce their reliance on the US dollar for international trade and cross-border banking transactions.
He emphasized that there are also “other incremental efforts to chip away at the dollar’s status,” referring to the planned shared BRICS currency that is expected to be discussed at the upcoming leaders’ summit of the economic group.
However, he expressed skepticism about the likelihood of a full-fledged currency union between such diverse economies, but noted that the announcement signals a commitment to conduct more of their trade and finance without relying on the US dollar.
Rai also highlighted the potential threat to the dominance of the US dollar posed by the rise of digital currencies, particularly those issued by central banks.
He suggested that if alternative digital currencies become widely used, they could weaken the dollar’s position as a means of payment.
Furthermore, Rai added that digital platforms like cryptocurrencies and central bank digital currencies could substitute traditional currencies in the future.
He envisioned the potential emergence of regionally-dominant currencies and a multipolar international regime within the next decade or two, with the dollar sharing its current role with the euro, a more open yuan, future central bank digital currencies, and other yet-to-be-seen options.
SEC Seeks Court Approval to Freeze Binance US Assets over Safety Concerns
The United States Securities and Exchange Commission (SEC) has taken decisive action by filing an emergency motion on Tuesday.
The motion seeks an immediate freeze on the assets controlled by BAM Management US Holdings and BAM Trading Services; the primary entities operate Binance US, a subsidiary of the renowned cryptocurrency exchange Binance in the United States.
The SEC urgently requests the court to issue a temporary restraining order.
Furthermore, the order explicitly prohibits Binance from engaging in any actions resulting in the deletion, alteration, or concealment of essential documents.
Another court ruling from the SEC emphasizes the requirement for BAM Management or Changpeng Zhao (CZ), the CEO of Binance, to provide compelling justifications for delaying the issuance of a preliminary injunction.
The SEC’s complaint against San Francisco-based exchange Coinbase precedes the news from Tuesday.
Similarly, the SEC has accused Binance of offering unregistered securities and allowing Americans to use its international platform.
The SEC asserts that the court has jurisdiction over this matter, the authority to compel the defendants to appear, and that the case should be handled in the district.
Following this news, investors became anxious. However, Zhao assured that the impact was limited to Binance US and did not affect Binance.com or other funds.
This clarification relieved the market, and Bitcoin prices regained positive momentum.
Bitcoin Price Prediction
On the technical front, Bitcoin is currently trading around the $26,900 level, rebounding from the $25,400 level.
At the moment, Bitcoin has faced resistance around the $27,350 level, and the formation of a bearish engulfing candle at this level suggests that selling pressure may be increasing, potentially giving sellers dominance in the market.
Looking at other technical indicators and moving averages, there is some divergence.
Both indicators hold bullish territory, suggesting that buying pressure may still dominate.
However, for Bitcoin to maintain its upward momentum, it will need to break through the $27,350 level.
Therefore, it is important to monitor the price action around the $27,350 level, as it is likely to act as a pivot point for traders today.
Buy BTC Now
Top 15 Cryptocurrencies to Watch in 2023
If you’re interested in getting involved with a cryptocurrency project during its early phase, it is advisable to explore presale tokens.
The team at Cryptonews Industry Talk has curated a comprehensive list of the most promising coins in 2023, providing valuable information about these projects.
This list is regularly updated on a weekly basis, featuring new altcoins and ICO projects, so it’s recommended to revisit it for the latest additions.
Stay informed and stay tuned for exciting opportunities in the crypto space.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
Find The Best Price to Buy/Sell Cryptocurrency
Source: crypto news
2 injured in fire in Sunnyside, Queens
Armenians flee Nagorno-Karabakh after Azerbaijan offensive
Russia ‘weaponised food and deliberately caused starvation’ in Ukraine
Woman drives 2 hours, shoots husband who wanted divorce
Whoopsy Davey! Ed’s kayak tips over, sending Lib Dem leader tumbling into the water at Sandbanks… after refusing to say SEVEN times if his party would rejoin the EU
The True Love Story of Hugh Jackman and Deborra-Lee Furness
Best Yoga Mat for Hot Yoga, According to Experts in 2023
Saysh Felix Runner Review: An Everyday Training Shoe for Cushiony Miles
$10K Mercedes Sprinter Stealth Camper Has Security Cams, Kitchen, Bathroom
How to Stop Protein Farts and Smelly Gas From Ruining Your Workouts
Who Has a Higher Net Worth NFL Star Travis Kelce or Taylor Swift?
Can The Bond Market Cushion The Stock Market Decline?
Jets CB Sauce Gardner says Mac Jones hit him in his ‘private parts’ during 4th-quarter scrap
Where Is ‘Harry Potter’ Star Michael Gambon Now?
Dolphins rout Broncos 70-20, scoring the most points by an NFL team in a game since 1966
News20 hours ago
GOP Extremist Joe Kent Is Back—and Now He Wants to Defund the FBI
Sport13 hours ago
This day in sports history: National anthem protests hit the NFL, Babe Ruth smashes records
News13 hours ago
Voters kick up a stick over sewage as four-in-10 Tory supporters say they could back other parties if their MP votes against a ban on releasing human effluent into rivers
Travel13 hours ago
SAUDI ARABIA UNVEILS TOP TOURISM LEADERS AND GLOBAL MINISTERS
Travel14 hours ago
RIYADH SEASON 2023 PREPARES TO LAUNCH
Finance12 hours ago
The Economic And Market Impacts Of A Government Shutdown
Finance13 hours ago
The Top Ten Global Fintech Conferences: From AI To Zombie Unicorns
Sport12 hours ago
NFL Week 3 preview: Cowboys’ dominance, Puka Nacua and more to know