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30.01.2023 12:10 PM
The United States may ban bitcoin, but they don't really see the point.

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The price of bitcoin has remained at around $23,000. Since nothing has changed over the past several days, it is safe to believe that cryptocurrency traders have chosen to hold off until the Fed, ECB, and BA meetings next week. Furthermore, they won't only pay attention to the meetings. Additionally, significant reports on US unemployment and non-farm payrolls will be released. For example, consider the European Union's inflation report. Naturally, American events have a considerably greater probability of affecting the dollar and, by extension, bitcoin, whose value is calculated in dollars. As a result, the Fed meeting and America's most significant reports are the centers of attention.

By the way, the Fed meeting this time could be the most monotonous ever. At least because Jerome Powell's post-meeting address is not currently included on the activity schedule. As a result, the Fed can this time just announce the meeting's outcomes, which traders are already aware of. It's also extremely intriguing that some experts expect the key rate to rise by 0.125% rather than 0.5% or 0.2%. It's extremely intriguing, but if this isn't a joke, the US dollar might collapse if this prediction comes true.

While this is going on, the SEC and CFTC may think about outlawing cryptocurrencies in the US. It should be made clear straight away that these are merely the discussions that one of the senators, Sherrod Brown, started. Mr. Brown suggested that the US government wanted the Fed to remain autonomous and succeed in its objectives. Bitcoin and other digital assets should be outlawed if they get in the way of this. But Mr. Brown is also aware that the majority of cryptocurrencies will quickly disappear into the "shadow" or offshore, and it is extremely impossible to predict what other effects this would have on the economy. Brown added that over the past 18 months, he has worked to make his fellow senators aware of all the risks associated with cryptocurrencies and has personally urged Janet Yellen to conduct a comprehensive analysis. According to Mr. Brown, FTX's demise is merely the "tip of the iceberg of difficulties" that the cryptocurrency sector creates. The senator thinks that cryptocurrencies are risky and a threat to national security.

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Because "bitcoin" quotes have surpassed the $18,500 threshold in the last 24 hours, the drop to $12,426 is currently being postponed. The value of the coin is currently increasing by $24,350. Rebounding from this point can put bitcoin back on a downward trend; surpassing it can make the continuation of the "bearish" trend uncertain. We do not think that the "bullish" trend has already started, and we do not think that 2023 will see the end of bitcoin price declines. For "bitcoin," the fundamental background is still fairly complicated.

Paolo Greco,
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