Bitcoin is currently trading around $29,400, having gained 0.5% over the past day.
Over the weekend, Bitcoin trading volume dropped below $10 billion. The reason may be the fluctuation of the price caused by various news events.
by previous The White House has projected higher CPI numbers in 2023 and 2024, while news of a dispute over the United States bankruptcy lawsuit. FTX and Genesis
These moves have made investors closely monitor Bitcoin price movements.
The White House expects inflation to increase in 2023 and 2024.
The value of Bitcoin rises against the dollar today. Because the White House forecasts CPI numbers to increase in 2023 and 2024.
White House Now Forecasts CPI Inflation At 3.3% For 2023 Vs 3.0% In March; 2024 CPI Inflation At 2.5% Vs 2.3% In March $SPY
— Sniper Trades (@SnipeTrades) July 28, 2023
These forecasts may imply that the Fed is looking at higher PCE targets, indicating uncertainty in the economy.
However, US lawmakers started to support Cryptocurrency Congressman Patrick McHenry described Bitcoin as a “financial revolution.”
The House Financial Services Committee’s approval of the “Keep Your Coins Act of 2023” has also given investors more hope in Bitcoin.
bankruptcy litigation FTX and Genesis
The value of Bitcoin against the dollar has risen today. due to a dispute between FTX and Genesis
Genesis Global Capital has settled a dispute with FTX over $226 million in debt.
🚨 BREAKING: #FTX and Genesis reach agreement in bankruptcy case, a #Crypto resolution 🔥
This could change EVERYTHING about the Crypto landscape 😱
A thread 🧵 on the FTX and Genesis bankruptcy case resolution. #Bitcoin pic.twitter.com/88f3EnRvV7
— Budhil Vyas (@BudhilVyas) July 28, 2023
This is good news as it reduces the uncertainty in the crypto market. As a result, the value of Bitcoin increases.
Bitcoin Price Forecast
Over the weekend, Bitcoin appeared to be able to bounce back above $29,000 and hold its ground.
Currently, Bitcoin price has risen above $29,500 and if it breaks this resistance, it will face another psychological resistance at $30,000.
On the other hand, if the price falls below $29,000, the next support will be around $28,800, and if it falls further, $28,250.
Source: Cryptonews
#Bitcoin #trading #volume #fell #billion #weekend
2023-07-29 11:19:27
