Over the past week, Bitcoin has seen its value increase by 10%, leading many to believe that a bull market is coming. The price of Bitcoin can be unpredictable, but there are certain factors to consider when predicting its potential future performance.
On January 28, the BTC/USD market opened at $23,067.00 and has since gained 0.07% in 24 hours to a current price of $22,971.00.
Moreover, its value has been on an upward trend and it has increased by more than 1% in the past week. It traded in a range of $23,181 to $22,942 for most of this period.
Arizona Senator Proposes Bills That Would Make Bitcoin Legal Tender
Wendy Rogers, a Senator from the US state of Arizona, tweeted about a cryptocurrency bill on January 25. Wendy cited data from Goldman Sachs indicating that Bitcoin is the best performing asset in the world. She also introduced legislation to make payment in bitcoin legal in Arizona and to allow state agencies to accept bitcoin.
Bill SB 1235 is one of several proposals in Arizona that would allow businesses to accept cryptocurrency as payment for rent, taxes, and fines. This would include the ability to use bitcoin for all US dollar transactions, allowing individuals and businesses to use the currency.
If the bill passes, Arizona will be the first state in the United States to accept Bitcoin as payment for any financial debt. As a result, this is good news for BTC/USD.
Latest SEC Crypto Regulations: What You Need to Know
On January 20, Hester Peirce, Commissioner of the United States Securities and Exchange Commission (SEC), spoke about cryptocurrency regulation at the “Digital Assets at Duke” conference. The commissioner pointed out that the securities regulator prosecuted random listing violations.
According to reports, the SEC is also interviewing investment advisers who hold client funds on exchanges such as FTX. According to reports, the SEC has spent months investigating how financial advisors handle the custody of clients’ cryptocurrencies. However, since FTX declared bankruptcy and millions of depositors were left without funds, the investigation has accelerated.
The US agency has now submitted its investigation to determine whether the investment advisers breached the regulations. Investment advisers are not permitted to have custody of client funds if they fail to comply with certain SEC rules. In addition, advisers must, among other things, hold the funds with a “qualified custodian”.
The SEC is stepping up its efforts to regulate the cryptocurrency industry. The authority has come under considerable pressure to act in this way, especially since FTX’s demise. If the SEC investigation confirms the regulation, it could boost institutional confidence in cryptocurrency. As a result, this can be beneficial for BTC/USD.
What to look for at the next Fed meeting
Positive economic data, high employment and falling inflation gave reason to believe that the rate of interest rate increases would slow. As a result, markets are now pricing in a reduction in rate hikes. The Federal Open Market Committee (FOMC) will meet on February 1.
Traders are currently focused on the upcoming FOMC meeting as experts believe the outcome will impact the direction of the market. Additionally, the FOMC is expected to scale back the 50 basis point rate hikes seen in December and only raise rates by 25 basis points at its next meeting in February.
The outcome of the next meeting will have a significant impact on the sentiment of the cryptocurrency market as well as the price of BTC/USD.
Bitcoin is currently trading at $23,017; has a 24-hour trading volume of $17 billion. The BTC/USD pair is trading above the support line at around $22,325 with Doji and spinning top candles closing around the $22,340-$23,400 region.
Bitcoin faces a significant barrier around $23,250, but if it can break through, its value could rise significantly to $23,900 or even higher to $25,150.
On the downside, a negative break of the $22,325 barrier could expose BTC/USD to the downside, triggering a bear market shift. A similar action could send Bitcoin down to $21,500, and possibly as low as $20,450.
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