Arslan ButtBitcoin (BTC), the world’s largest and best-known cryptocurrency, extended its winning streak and reached intra-day highs of more than $23,500. The current price of Bitcoin is $23,591, with a 24-hour trading volume of $23 billion. In the last 24 hours, Bitcoin has gained nearly 2.50%.
The price of BTC (Bitcoin) is on the rise↑↑↑
The current price is：$23299.5.#BTC #Bitcoin $BTC #crypto
— 暗号通貨通知さん Mr. Crypto Notify (@an5currency) January 29, 2023
The upward trend in these assets can be attributed to a number of factors, such as stronger-than-expected US data releases. Additionally, crypto assets have benefited from increased activity on the Bitcoin blockchain and institutional cryptocurrency development.
Federal Reserve Interest Rate Hikes
Investors will be watching Fed Chair Jerome Powell’s press conference following the policy meeting for any hints about how much higher interest rates may rise and when officials may consider pausing.
Market observers expect the rate to rise by 25 basis points to a range of 4.5% to 4.75% on Wednesday, marking the second consecutive meeting with a slower rate of increase.
The Federal Reserve may be exacerbating inequality in its attempts to quash inflation with aggressive interest rate hikes, according to a new working paper from Daniel Ringo. https://t.co/idb0XqDiAs
— FORTUNE (@FortuneMagazine) January 27, 2023
Additionally, the employment report due to be released on Friday is expected to show that the economy added 185,000 jobs in January, a decrease from the 223,000 jobs added in the previous month and that the unemployment rate rose slightly to 3.6%. It is expected that the hourly wages will fall from the last month over time.
Upbeat Cryptocurrency Market
The international financial market is in a positive state, with the crypto-market surpassing $1 trillion. This could be attributed to several macroeconomic occurrences such as low inflation & positive regulations which have formed an environment favoring cryptocurrency growth.
Total crypto market cap rises above $1T, and data suggests more upside is in store By Cointelegraph https://t.co/9JDTka1lXn #NFTCommunity #NFTGiveaways #NFT
— Smokinbill.eth (@Mthokoz82767795) January 29, 2023
Additionally, the introduction of a bill in New York allowing state agencies to accept cryptocurrency payments has boosted the cryptocurrency market.
The proposed legislation would allow cryptocurrency to be used to pay fines, civil penalties, rent, rates, taxes, fees, and charges, among other things. Consequently, institutional demand for cryptocurrencies appears to be increasing.
Bitcoin Hashrate
It’s worth noting that the hashrate of Bitcoin is becoming increasingly concentrated, with only a few mining pools controlling the majority of the total mining power for the blockchain. As per recent Mempool data, Antpool and Foundry USA alone account for 50% of all hashpower.
Data Shows 50% Of Bitcoin Hashrate Controlled By Two Mining Pools
Read More-https://t.co/YRAQzYgHq7#Cryptocurrency pic.twitter.com/mTHdFtVilt— Gifts Zone (@SLGiftsZone) January 29, 2023
Foundry USA has maintained a hashrate of more than 30% of the entire Bitcoin network for several weeks. In November 2021, it became the first mining pool of non-Chinese origin to hold the top spot, following China’s ban on Bitcoin mining earlier that same year.
Bitcoin Price
The BTC/USD market is currently trading above the triple top level of $23,400 in the 4-hour timeframe and has a bullish momentum. A break above $24,066 could lead to further gains toward $25,150.
Symmetrical triangle patterns are indicative of Bitcoin’s uptrend. If this pattern occurs, then there could be a continuance with the BTC price increases.
Conversely, if there is a break in the current support level at $23,350 – then we may likely see it fall to either $22,800 or $22,350.
7 Cryptocurrencies That Could See 30x Gains In 2023
Crypto experts suggest that certain digital coins have a high potential for growth. Past records indicate that investing in these three coins might lead to impressive gains, some of them even up to 30 times the initial value.
Meta Masters Guild (MEMAG)
MEMAG, a new mobile gaming guild, aims to improve the player-to-environment (P2E) experience by providing entertaining games that encourage gamers to remain on the platform. The Meta Masters Guild’s Stage 3 presale has officially sold out, raising over $1.9 million. Get your $MEMAG tokens in Stage 3 before they become too expensive.
#MEMAGFAM, YOU ARE INCREDIBLE!
Stage 3 of our presale is officially sold out, and we've raised over $1.9M
Let's keep the momentum going!
⏰ Don't miss out, buy $MEMAG now before the price increase ⬇️https://t.co/SBqVjX5mWn#presale #crypto #p2e #tokens pic.twitter.com/8NwkUA6w7O
— Meta Masters Guild (@MEMAGgames) January 29, 2023
This is an impressive performance in such a short period. Due to a successful presale that has already started, the price of the MEMAG coin is expected to soar once it is released on open markets.
Fight Out (FGHT)
Fight Out, a brand-new cryptocurrency project offers a one-of-a-kind opportunity to earn money by utilizing a cutting-edge Move-to-Earn (M2E) strategy. FGHT is an exciting cryptocurrency concept dedicated to assisting you in reaching your fitness and health goals.
Don't miss out on the latest updates and community discussions about Fight Out!
Join our Telegram channel now and meet our community! https://t.co/q8YNQozT00 pic.twitter.com/tb9q4CgiPt
— Fight Out (@FightOut_) January 29, 2023
It would be extremely beneficial for attracting new customers. It recently raised more than $3.5 million through presale on the FightOut website. The price of $FGHT in our stage 2 presale will continue to rise until March 15th. The longer you wait, the more $FGHT you will have to pay.
Pre-register now and receive a 50% bonus. You should act immediately to prevent missing out on this chance because another price hike is on the way.
RobotEra (TARO)
The native coin of the RobotEra universe, the TARO coin, was able to raise more than $760,000 in just a few weeks of the presale. This presale’s success demonstrates clearly and unambiguously that users are ecstatic about the TARO coin, or more specifically, the concept that underpins RobotEra.
Are you ready to be a part of the global crypto community?
Now's your chance to join the #RobotEra presale and secure your share of $TARO tokens before it's too late!
Don't miss out – visit https://t.co/UJ3inomU89 and join us now! #nft #metaverse #robots pic.twitter.com/VzYGZlrDG7
— RobotEra (@robotera_io) January 28, 2023
You have the chance to enter the RobotEra metaverse as a TARO coin holder, take on the role of a robot, and as such, rebuild the special planet Taro by erecting a structure, setting up social interactions, and the like.
Although RobotEra undoubtedly entertains, it also offers several opportunities for financial gain. Before the next price increase, buy TARO right away!
Related news
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Can Bitcoin Price Break Through $23,000 This Week And Why That Matters
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3 Reasons Altcoins Prices Pumping 20% in 24 Hours – Here’s Coins to Buy This Weekend
- Bitcoin and Ethereum Prices Are Getting Set to Blast Higher – BTC to $25k, ETH to $ 2k This Week?
Fight Out - Next 100x Move to Earn Crypto
- Backed by LBank Labs, Transak
- Earn Rewards for Working Out
- Level Up and Compete in the Metaverse
- Presale Live Now - $4M+ Raised
- Real-World Community, Gym Chain
This article was written for Business 2 Community by Arslan Butt.
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