Well folks, it looks like Bitcoin’s big comeback has hit a bit of a snag. The precious token’s value has stalled around the US$30,000 mark, thanks to some pesky US crypto crackdown and some sober thinking about the Federal Reserve’s future plans. It fell by a whopping 1.1 percent, which may not sound like much, but in the world of cryptocurrency that’s practically a nosedive. And it’s not just Bitcoin feeling the heat, an index of the top 100 digital assets is also taking a beating.
To add insult to injury, the Securities and Exchange Commission has decided to rain on everyone’s parade by cracking down on crypto platform Bittrex for breaking agency rules. As if that wasn’t enough to put a damper on things, investors are starting to lose their enthusiasm due to growing regulatory pressure and less optimistic projections for the Fed’s interest-rate cuts.
Experts are predicting that Bitcoin may fall even further and hit $27,000 if the market continues to take out some of the 60 basis points of rate cuts still priced into year-end. That’s Tony Sycamore’s prediction, folks, and he’s a market analyst at IG Australia Pty, so you know he’s got some real insight.
Despite jumping 78 percent this year, outperforming global stocks which only climbed a measly 8 percent, Bitcoin is still haunted by the ghosts of digital-asset bankruptcies and scandals. We all remember the collapse of FTX, don’t we? So let’s just say things aren’t looking too rosy for our favorite digital currency.
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https://www.herald.co.zw/bitcoin-stalls-near-us30k-after-the-tokens-biggest-drop/