Bitcoin (BTC), the largest cryptocurrency in the world, has maintained its early bullish rally and drew some further bids around well above the $28,000 mark. The global crypto markets have recently bounced back, showing that investors still have notable confidence in the cryptocurrency market.
Bitcoin $BTC Is Getting Close To @saylor's Breakeven Price Of $29800☝️#Bitcoin #saylor #MicroStrategy pic.twitter.com/EL5cQaS5tU
— BlackSwan DAO (@DAOblackswan) March 29, 2023
Bitcoin’s price had dropped earlier in the week due to regulatory action against Binance. But, it has since recovered and surpassed the $28,000 mark on the day. Bitcoin’s price has risen by more than 5% in the previous 24 hours, marking the second consecutive day of increases.
Bitcoin Price Chart – Source: Tradingview
However, the recent increase in the BTC could be attributed to the fact that the Commodities Futures Trading Commission (CFTC) has classified Ethereum (ETH) and Litecoin (LTC) as commodities like Bitcoin.
This would most likely give cryptocurrency legitimacy and inspire more investors to enter the industry.
Bullish. The @CFTC states BTC, ETH, and LTC are commodities. pic.twitter.com/WqiD1NADuw
— (@RavenRickGrime1) March 27, 2023
Furthermore, the cryptocurrency market’s uptrend has been fueled by an uptick in US consumer confidence in March. Consumer confidence may result in higher investment in stocks and other assets, including Bitcoin.
BTC Back Above $28,000, Following US Consumer Confidence Report – Market Updates Bitcoin News – https://t.co/afceagKdlP#Crypto #CryptoNews #CryptoTrends #NFT #NFTNews #NFTRelease #NFTDrop #AltCoin #AirDrop #NFTProject #NFTArtist #NFTCommunity #CNFT #CNFTCommunnity pic.twitter.com/nJb9PBAltf
— DropTown Saloon – Welcome! (@DropTownSaloon) March 29, 2023
Hence, the increasing demand may cause the price to rise as more investors seek to invest in Bitcoin.
Expert’s Predictions Regarding BTC Future price
Experts are continuously predicting a bright future for Bitcoin, which could push up its prices sharply. The optimistic forecasts made by many experts are seen as another key factor that might drive up BTC prices.
Balaji Srinivasan, a former technical director at Coinbase, has recently bet $2 million on the probability that bitcoin would reach $1 million in value within 90 days. This indicates that Bitcoin’s value may increase dramatically in the near term future.
Investor Balaji Srinivasan believes that if the economy continues to falter, BTC may reach the $1 million level within 3 months due to US dollar hyperinflation.
— whalechart (@WhaleChart) March 21, 2023
Meanwhile, Marshall Beard, the Chief Strategy Officer of US cryptocurrency exchange Gemini, has entered the race, predicting that Bitcoin will hit $100,000 this year.
2/ Some high-profile figures in the crypto space, like Marshall Beard and Peter Brandt, believe that BTC could reach new heights within the next 12 months. And according to Cathie Wood, recent banking problems are a huge driver of BTC adoption. #CryptoNews #Investment
— All in Block (@all_in_block) March 28, 2023
Hence, analysts are forecasting a BTC price surge based on several factors. One of these is institutional investors’ growing usage of cryptocurrencies, which may increase demand for Bitcoin and ultimately drive up its price.
US Consumer Confidence Rise
Consumer confidence in the United States unexpectedly climbed in March, indicating that people are less concerned about the future, despite recent issues in the banking industry and high prices. This can have a positive impact on the price of BTC in a variety of ways.
BTC Back Above $28,000, Following US Consumer Confidence Report – Market Updates Bitcoin News – https://t.co/afceagKdlP#Crypto #CryptoNews #CryptoTrends #NFT #NFTNews #NFTRelease #NFTDrop #AltCoin #AirDrop #NFTProject #NFTArtist #NFTCommunity #CNFT #CNFTCommunnity pic.twitter.com/nJb9PBAltf
— DropTown Saloon – Welcome! (@DropTownSaloon) March 29, 2023
On the data front, consumer confidence in the United States climbed marginally in March, hitting 104.2. This is higher than the previous month’s score of 103.4 and higher than the projected score of 101.0.
The index is based on online customer surveys and had been declining for the previous two months prior to this uptick. The rise was driven by higher expectations, although the index is still below the average level of 104.5 in 2022.
It is worth mentioning that people tend to spend more money when they are more optimistic about the economy, which may lead asset values, including Bitcoin, to rise.
CFTC Declares Ethereum and Litecoin as Commodities, Much Like Bitcoin
The Commodities Futures Trading Commission (CFTC) has classified Ethereum (ETH) and Litecoin (LTC) as commodities, much like Bitcoin. This means that they are regarded as trade assets, much like gold or oil.
This statement was given by the CFTC as part of an investigation into Binance, a popular cryptocurrency exchange.
CFTC head, Behnam confirmed his view that ETH can be classified as a "commodity" pic.twitter.com/RV7dAGGYVW
— Crypto Crib (@Crypto_Crib_) March 29, 2023
This announcement will boost Bitcoin and ETH values as it confirms their commodity status, potentially increasing their validity and acceptance in traditional financial markets. It may also lead to more regulatory oversight and institutional investor acceptance.
Related:
- Ethereum Price Forecast – How ETH at $1,811 is Perfect Springboard For $2k Assault
- Best Altcoins to Buy Today March 28th – LHINU, XRP, FGHT, GMX, CCHG, FLR, METRO
- Bitcoin Price Prediction – Why Bulls Are in Retreat, But Don’t Bet on the Bears Sticking Around
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This article was written for Business 2 Community by Arslan Butt.
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