Bitcoin Price Forecast – Where is the Bottom for BTC?
Bitcoin, the world's most valuable cryptocurrency, dropped more than 2% today to $19,061. At the time of writing, the total market capitalization of cryptocurrencies is $920 billion, just shy of $1 trillion.
The stronger economic events in the United States are keeping the dollar bullish while weighing on the prices of Bitcoin and Ethereum. The majority of investors are looking forward to the release of US inflation figures on Thursday.
The current Bitcoin price is $19,100.67, and the 24-hour trading volume is $28 billion. Bitcoin has fallen by 1.32% in the last 24 hours and more than 4% in the last seven days.
Yesterday, the prices of BTC and ETH fell by 2% and 3%, respectively. CoinMarketCap currently ranks first, with a live market cap of $366 billion.
Paul Tudor Jones, a well-known investor, has stated that scarce digital assets will rise in value in the future, confirming his belief in cryptocurrencies.
On October 10, the billionaire hedge fund manager discussed the role of cryptocurrencies in the current macroeconomic environment with CNBC's Squawk Box. Jones expressed his belief that digital assets will grow rapidly in the future and his assessment of scarce cryptocurrencies benefits the value of ETH and BTC.
According to Paul Tudor Jones, Bitcoin and Ethereum may benefit from rising inflation and precarious macroeconomic situations because of their scarcity.
Markets, in his opinion, may rise if the Federal Reserve stops raising interest rates to combat inflation, despite the US economy being on the verge of a recession. The Fed's interest rate hike expectation of 4.6% in 2023 has increased economists' expectations of further increases before the end of the year.
The current fund rate is between 3% and 3.25%. The
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