Bitcoin Price Prediction as BTC Approaches $26,000 Resistance – Time to Buy?
Bitcoin's current trading value is $25,720, which decreased by nearly 1% on Tuesday. The cryptocurrency is facing an uncertain September due to regulatory delays and macroeconomic worries. In the past, Bitcoin has struggled during this month, experiencing six years of lackluster performance.
Analysts are warning about the expanding US budget deficit, which could lead to increased debt issuances. At the same time, reduced global demand for US government debt and central banks' balance sheet reduction efforts may result in a buyer shortage, potentially favoring Bitcoin due to its liquidity sensitivity.
The Federal Reserve's focus on surging "super-core" inflation rates has signaled a possibly more hawkish stance, causing uncertainty in both financial markets and the cryptocurrency sector.
Bitcoin advocate Anthony Pompliano remains optimistic about potential approval for a spot Bitcoin ETF despite regulatory delays.
Former SEC chair Jay Clayton agrees, deeming such approval "inevitable." Pompliano also predicts a prospective bull market driven by the April 2024 BTC halving.
Bitcoin's ongoing volatility and uncertainties are highlighted by today's fall in BTC/USD amidst regulatory and macroeconomic challenges.
The Australian Senate Committee has recently reviewed Senator Andrew Bragg's "Digital Assets (Market Regulation) Bill 2023" and released the report on September 4th.
The report proposes crucial amendments to regulatory measures for digital assets. The key changes include the removal of non-fungible tokens (NFTs) from regulated digital assets, acknowledging their uniqueness compared to cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).
The committee also suggests revising stablecoin classifications to exclude asset-based
Read more on cryptonews.com
