Arslan Butt
Bitcoin price prediction remains bullish following the release of the US Fed fund rate decision. The Federal Reserve announced that interest rates had been increased by 25 basis points, and Bitcoin, the world’s largest cryptocurrency, experienced tremendous growth in response. Since the beginning of the year, Bitcoin has been gaining traction, backed by many developments in the crypto industry, such as progress in crypto regulation and an increase in institutional investors.
https://t.co/Ik6xzhoymb data reveals that the revenue generated from Bitcoin mining saw a significant rise to nearly $23 million in January, making a remarkable growth of 50% in revenue within just 30 days as Bitcoin poises for an ongoing recovery.https://t.co/yU8FbU7Zrc pic.twitter.com/ztScyIb28a
— Crypto On Us (@CryptoOnUs) February 1, 2023
Federal Reserve Raised Interest Rates
On Wednesday, the Federal Reserve increased interest rates by 0.25%, as was widely expected, signaling the need to further tighten monetary policy. The Federal Reserve assured that borrowing prices would continue to rise as part of its ongoing effort to combat inflation.
The Federal Open Market Committee (FOMC), which sets the benchmark interest rate, increased it from a range of 4.25% to 4.5% to a range of 4.5% to 4.75%.
Breaking: The Federal Reserve raised interest rates by 25 basis points pic.twitter.com/9p5P9yGUDB
— TheStreet (@TheStreet) February 1, 2023
Thus, the Federal Reserve’s newest decision was viewed as one of the positive factors that had a positive influence on the cryptocurrency market and helped Bitcoin’s growth.
Risk-On Crypto Market
As most people expected, when the Federal Reserve raised interest rates by 25 basis points, the cryptocurrency industry around the world turned green and gained a lot of steam. Meanwhile, institutional investors have played an important role in supporting the cryptocurrency market.
What #crypto did you buy this week?
— CoinMarketCap (@CoinMarketCap) February 1, 2023
Also, people thought that the update to cryptocurrency regulations was a big thing that helped the crypto industry.
Grocery Retailer Pick & Pay
Pick & Pay, a grocery shop, is expanding its Bitcoin support to all its outlets across the country after a three-month trial testing phase. Pick & Pay, a South African grocery store, has expanded Bitcoin support to all 1,628 locations after a three-month trial run in 39 locations.
The South African grocery retailer Pick n Pay is expanding its #Bitcoin coverage to all 1,628 stores across the country following a three-month pilot testing phase in 39 locations.
— Cointelegraph (@Cointelegraph) February 1, 2023
As part of a statewide rollout, customers can pay for items in stores with cryptocurrencies by using apps on their phones or QR codes. The conversion rate for the South African rand at the time of purchase will be used.
Is The US Dollar’s Reign Coming To An End
As expected, the Federal Reserve raised interest rates by 25 basis points and promised “continuous increases” in borrowing costs as part of its ongoing fight against inflation. This didn’t stop the broad-based US dollar from losing value, though.
According to the Federal Reserve, the US economy is experiencing steady growth and substantial job increases, but policymakers are still concerned about inflation. Therefore, the bearish US dollar was seen as one of the key factors that kept Bitcoin prices higher.
⚠️ US DOLLAR INDEX PARES LOSSES AFTER FED STATEMENT, LAST AT 101.92
— PiQ (@PriapusIQ) February 1, 2023
The dollar index recently traded at 101.90, decreasing by 0.17% from its previous close of 101.64. The euro was last trading at $1.09090 against the dollar, rising by 0.45%, and the dollar was last trading at 129.63 against the Japanese yen, dropping by 0.38%.
Bitcoin Price Prediction
The current value of Bitcoin is $23,734.66 and the 24-hour trading volume stands at $26 billion. Compared to yesterday’s rate, Bitcoin has seen an increase of over 3%. With a market capitalization of $457 billion, Bitcoin is the current leader in the cryptocurrency market. A total of 21 million BTC coins exist, with 19 million currently in circulation.
On the 4-hour chart, the BTC/USD is retesting the major resistance level of $24,000. If a bullish breakout above this level occurs, BTC could be exposed to the next resistance levels of $24,300 or $24,800.
The 50-day moving average of the 4-hour timeframe has developed a support level of $23,000. If this price is breached, the BTC/USD pair may experience a positive turnaround. On the lower side, Bitcoin’s immediate support is at $23,500 and an additional breakout of the $22,750 level.
MEMAG presale is going incredibly well and should be investigated in addition to Bitcoin.
Meta Masters Guild (MEMAG)
MEMAG, a new mobile gaming guild, aims to improve the player-to-environment (P2E) experience by providing engaging games that keep gamers engaged with the platform. The Meta Masters Guild’s Stage 3 presale has officially sold out, and Stage 4 is currently underway with over $2 million raised.
Get your $MEMAG tokens before they become prohibitively expensive in Stage 5. This is an exceptional performance in such a short period of time. Because of a successful presale that has already begun, the MEMAG coin’s price is expected to skyrocket once it is placed on open markets.
Related news
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This article was written for Business 2 Community by Arslan Butt.
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