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Bitcoin (BTC) Breaks Downward Trend and Surges over $27,000
Bitcoin (BTC) has experienced an impressive comeback after two weeks, breaking its downward trend and surging above the $27,000 mark. This surge can be attributed to a legal victory for Grayscale in the United States.
The court ruling favored Grayscale in its legal battle against the Securities and Exchange Commission (SEC). The focal point of the legal battle was Grayscale’s attempt to convert its Bitcoin Trust into an Exchange-Traded Fund (ETF).
The favorable ruling has injected a fresh wave of optimism among traders and investors, resulting in an upward trajectory for crypto market prices. The global crypto market capitalization has expanded by approximately $50 billion in the past 24 hours, showing a nearly 4% increase and reaching around $1.13 trillion.
Bitcoin Amsterdam Conference and Political Support: Impact on BTC Price
The upcoming Bitcoin Amsterdam conference, scheduled from October 12 to 14, is making waves in the crypto industry. The conference features an impressive lineup of speakers, including Adam Beck, Ray Youssef, and Tom van Lamoyen, a prominent crypto advocate from the Netherlands.
The Netherlands has shown remarkable enthusiasm for cryptocurrencies, with the central bank approving operations for 36 crypto firms. This signals a positive trend in crypto acceptance and growth.
Moreover, there is increasing support for cryptocurrencies in the global political landscape. Politicians in Liechtenstein and Poland are pushing for full legalization and integration of crypto into public services. US Senator Cynthia Lummis and Robert F. Kennedy Jr. have also endorsed cryptocurrencies, recognizing their potential for financial innovation.
This political backing holds promise for the broader adoption and legitimacy of the crypto market. With increased political support and the Bitcoin Amsterdam conference, the crypto sphere is undeniably gaining traction as a transformative force in the financial world. This news, along with the presence of strong crypto advocates, could positively influence the price of Bitcoin by boosting confidence and interest in the crypto market.
Hashkey Exchange’s Fiat Trading Support: Potential Impact on BTC Price
Hashkey Exchange in Hong Kong has achieved a significant milestone by enabling investors to trade Bitcoin and Ethereum with fiat money. This move contributes to legitimizing the cryptocurrency sector within Hong Kong.
Hashkey Exchange obtained regulatory approval from the Securities Futures Commission (SFC), allowing it and another exchange to offer cryptocurrency trading to the general public. Soon, individuals will be able to easily use Hong Kong dollars to buy and sell cryptocurrencies on the platform.
The news of Hashkey Exchange enabling fiat trading for Bitcoin and Ethereum could potentially increase demand and trading activity. This positive development may influence Bitcoin’s price upward as it enhances accessibility and legitimacy for these cryptocurrencies among everyday investors in Hong Kong.
Bitcoin Price Prediction
After analyzing the technical aspects of Bitcoin, it becomes apparent that Bitcoin has broken free from its previous sideways trading pattern. The current trend is highly positive according to leading oscillators such as Moving Average (MA), Moving Average Convergence Divergence (MACD), and Relative Strength Index (RSI).
The 50-day Exponential Moving Average (EMA) is around the $26,250 mark, indicating a strong bullish momentum. A potential bullish breakout above $26,800 could drive Bitcoin towards the $28,600 level. Additionally, it is worth keeping an eye on the top 15 currencies expected to make waves in 2023.
Top 15 Cryptocurrencies to Watch in 2023
Stay informed about the latest initial coin offering (ICO) projects and alternative cryptocurrencies by regularly exploring our carefully selected collection of the top 15 digital assets to watch in 2023. This list has been compiled by industry experts from Industry Talk and Cryptonews, ensuring professional recommendations and valuable insights.
Stay ahead of the game and discover the potential of these cryptocurrencies as you navigate the ever-changing world of digital assets.
Find The Best Price to Buy/Sell Cryptocurrency
For finding the best price to buy or sell cryptocurrencies, you can use a cryptocurrency price tracker. These trackers provide real-time market prices and allow users to compare prices across different exchanges, facilitating informed decision making.
Please note that the information provided in this article is not financial advice. Cryptocurrencies are highly volatile investments with considerable risk, and it is always recommended to conduct thorough research before making any investment decisions.
