Arslan Butt
The price of Bitcoin has the potential to surge beyond the range of $25,000 to $30,000 in the event of a particular occurrence on Wednesday which is the FOMC minutes from the US economy. This possibility has garnered attention and speculation in the financial and cryptocurrency markets. Many are eagerly anticipating the outcome of this event and its potential impact on the value of Bitcoin.
How FOMC Minutes Release on Wednesday Could Affect Bitcoin?
The FOMC (Federal Open Market Committee) minutes set to be released on Wednesday could have an impact on the price of Bitcoin. As the FOMC is responsible for setting the monetary policy in the United States, any indication of a shift in this policy could have ripple effects in the financial markets, including the cryptocurrency market.
FED SPEAKERS THIS WEEK:
*FOMC MEMBER WILLIAMS (WED. 5:30PM)
*FOMC MEMBER BOSTIC (THURS. 10:50AM)
*FOMC MEMBER MESTER (FRI. 10:15AM)
*FOMC MEMBER JEFFERSON (FRI. 10:30AM)https://t.co/ocjHYJJcHo$DIA $SPY $QQQ $VIX pic.twitter.com/RS8JeHPtZ2
— Investing.com (@Investingcom) February 19, 2023
During a recent address at the Economic Club of Washington, Federal Reserve Chair Jerome Powell commented on the ongoing disinflation process, specifically noting a decline in the goods sector. Powell expressed confidence in the Fed’s ability to lower inflation to their targeted rate of 2%. While Powell’s response to the strong January jobs report did not indicate a shift in the central bank’s approach to future rate increases, he did warn that sustained strong labor data could potentially lead to a higher terminal level of the Fed funds.
The Federal Reserve’s February 2023 meeting saw a 25 basis point increase in the target range for the fed funds rate, now ranging from 4.5% to 4.75%. This marks the second consecutive meeting where the size of the increase has been reduced, although borrowing costs are now at their highest point since 2007. Traders and investors in Bitcoin will be keeping a close eye on the FOMC minutes, as any indication of inflationary concerns or changes to interest rates could potentially influence the price of Bitcoin.
Regulators Move Toward Crypto
On February 15th, the Securities and Exchange Commission (SEC) introduced a new “custody” regulation that could limit the ability of asset managers to invest customer funds in cryptocurrency assets, among other things. This proposal follows several recent measures by regulators to enhance investor protection in a market known for its significant price fluctuations.
On February 13th, the New York Department of Financial Services (NYDFS) directed cryptocurrency firm Paxos to discontinue the release of BUSD, a type of stablecoin, due to unresolved concerns over its partnership with the cryptocurrency exchange Binance, which was involved in the coin’s branding. In response to the NYDFS’s directive and in close cooperation with them, Paxos will cease issuing new BUSD tokens starting on February 21st.
BTC/USD is rising after investors re-entered the volatile digital asset market despite repeated promises from politicians and authorities to control the cryptocurrency industry.
Bahrain-based Hotel Announces Acceptance of Cryptocurrency Payments
On February 13, Arabian Business reported that Novotel Bahrain Al Dana has become the first hotel in the region to accept cryptocurrency payments. According to the news report, the resort has partnered with Eazy Financial Services to offer customers the option to pay their hotel bills using cryptocurrencies. To enable this service through the Binance app, the hotel will be installing highly customized terminals at its outlets.
In addition, Binance CEO Changpeng Zhao has suggested that business owners involved in the cryptocurrency industry should consider relocating to countries such as France, Dubai (UAE), and Bahrain, which have demonstrated support for bitcoin. He believes that passionate entrepreneurs who are committed to their projects should not hesitate to explore the possibility of moving to a different country.
#Binance CEO Changpeng Zhao named favorable countries for #bitcoin business. So, the best countries for the development of new crypto projects can be Dubai, Bahrain and France.
What do you think about the development of #crypto products in these markets? pic.twitter.com/VUpKsRQkan
— GEO Pay (@geo_pay) February 15, 2023
In recent months, a number of hotels on the Arabian Peninsula, including W Dubai – The Palm and Palazzo Versace Dubai, have also embraced the trend of digitizing financial assets and have begun accepting cryptocurrency payments. These establishments have followed in the footsteps of Novotel Bahrain Al Dana Resort and have started offering their customers the option to pay for their services using digital currencies.
Additionally, Novotel Bahrain Al Dana Resort’s strategic move towards accepting cryptocurrency payments has been approved by the Central Bank of Bahrain, making it the first hotel in the country to offer this payment option. As a result of increased adoption by individuals and countries, the prices of top digital assets such as BTC/USD have experienced a surge.
Bitcoin Price Prediction
As of February 19, BTC/USD began trading at $24,633.00, and it is currently trading at $24,607.00, which is up by 0.20% over the past 24 hours. The cryptocurrency has fluctuated between a high of $24,839.00 and a low of $24,560.00. Moreover, its value has risen by over 12% in the past week.
Bitcoin has experienced a rebound in technical terms, as it has found support near the 50% Fibonacci retracement level of $23,325. The recent closure of candles above this level has sparked a buying trend in the cryptocurrency market. However, the lack of volatility is keeping the Bitcoin price in a narrow trading range.
Moving forward, Bitcoin is facing immediate resistance at $24,350, and if the price surpasses this level, a bullish crossover could potentially lead it to reach $25,300. On the 4-hour timeframe, the emergence of a “doji and spinning top” candle is signaling indecision among investors and it could trigger a bounce-off on the FOMC minutes.
Furthermore, the 50-day moving average is providing support for the possibility of a continued upward trend in Bitcoin. Investors may wish to monitor the $24,300 level to consider a buy position or vice versa.
Top Cryptocurrencies to Invest in Today as Alternatives to Bitcoin
In addition to Bitcoin, there are several altcoins in the market that show significant potential. The B2C team has performed an analysis and compiled a list of the top cryptocurrencies for 2023.
See Best Crypto to Invest in 2023
Related
- Bitcoin Price Prediction as BTC Rockets Past $24,500, Setting a New High for 2023 – Where is BTC Headed Now?
- Bitcoin Price Prediction as BTC Turns Green – Can BTC Reach $50,000 in 2023?
- Bitcoin Price Prediction – Can BTC Stay Rangebound Above $22k After Powell’s Pivot Rejection?
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This article was written for Business 2 Community by Arslan Butt.
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