Bitcoin is the most popular digital currency in the world, and it changes all the time to reflect how the market works. Experts are not in agreement about the next move for bitcoin. Technical analysis shows that BTC could reach $23,000, then $25,000, and then $30,000 in the long run.
Genesis Filed a Chapter 11 Bankruptcy
Genesis, a company owned by Barry Silbert’s Digital Currency Group, filed for Chapter 11 bankruptcy on January 19. Broker-dealer, custody, futures, and spot trading are still going on, and a bankruptcy filing does not affect them. Moreover, Genesis’ statement released the list of creditors affected by their bankruptcy.
And there it is – Genesis has filed for Chapter 11 bankruptcy protection.
It has less than $500 million in assets, but its largest creditor alone has a claim of $765 million
— Joe Consorti ⚡ (@JoeConsorti) January 20, 2023
The company listed over 100,000 creditors and owed its 50 largest creditors $3.4 billion. Records filed with the US Bankruptcy Court for the Southern District of New York show that Genesis’ lending business has assets and debts of between $1 billion and $10 billion. The news has had a limited effect on the cryptocurrency market.
Even though there was bad news about the cryptocurrency lender Genesis, the price of Bitcoin is still going up. It shows that traders had already priced in Genesis’s bankruptcy before it was made public and didn’t think it would have a big effect on bitcoin. As a result, the BTC/USD rate is rising.
Upcoming FOMC Meeting
Christopher Waller, governor of the Federal Reserve, stated on January 20 that he supports a quarter-point percent hike in the benchmark rate at the upcoming Federal Open Market Committee (FOMC) meeting, scheduled for February 01. Experts expect the results of the Fed meeting to impact the market’s trajectory.
Think we're going to get lots of boring sideways price action between now and the Feb 1st FOMC meeting. Probably fill the CME gap sometime too.
Maybe something like this for $BTC?
20.7k –> 19.9k –> 25k in February pic.twitter.com/wuuNyGHmfL
— Satoshi Flipper (@SatoshiFlipper) January 19, 2023
Additionally, the last three weeks of 2023 have seen a cryptocurrency surge and traders are now focusing on the upcoming FOMC meeting.
There is a greater chance that the FOMC will step back from the 50 basis point hikes observed in December and only raise rates by 25 basis points (or 0.25 percentage points) at its next meeting in February. It will play a significant role in raising the mood in the cryptocurrency market and driving up the price of BTC/USD.
Central African Republic Will Legalize Cryptocurrencies
Faustin-Archange Touadéra, the president of the Central African Republic (CAR), tweeted on January 20 about forming a 15-person committee in charge of writing a new, more detailed law regarding the use of cryptocurrencies.
15 experts #centrafricains issus de plusieurs ministères de mon gouvernement composent le comité chargé d'élaborer un nouveau projet de loi plus complet sur l'utilisation des crypto-monnaies et d'offrir à la RCA cette opportunité unique de développement économique & technologique pic.twitter.com/bZTS8HQxH3
— Faustin-Archange Touadéra (@FA_Touadera) January 20, 2023
Touadéra believes that cryptocurrencies can aid in the removal of the country’s financial barriers. He advocated for the creation of a business-friendly environment as well as a regulatory framework for cryptocurrencies.
Furthermore, the committee is tasked with developing a legislative framework that would allow cryptocurrency use in the Central African Republic and accelerate the country’s economic growth. The formation of a legal framework for cryptocurrencies will increase their adoption in CAR, which is good news for the cryptocurrency market and the price of BTC/USD.
The BTC/USD opened trading at $22,766 on January 22. It is currently trading at $22,872, up 0.50% in the last 24 hours. BTC/USD has ranged between a high of $22,971 and a low of $22,621. In addition, its value has risen by nearly 9% in the last week.
Bitcoin Price Chart – Source: Tradingview
Bitcoin has formed a bullish engulfing candle on the daily timescale, indicating the probability of an uptrend continuation. If Bitcoin rises above $22,750, it may aim for $24,000 or $24,550. Bitcoin’s immediate support is at $22,500, and a further drop below this level might expose it to $21,550.
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