Bitcoin Price Prediction as US Core Inflation Rate is Announced – Where is BTC Going Next?
The decision made by Binance, the largest cryptocurrency exchange in the world, to suspend bitcoin withdrawals due to high volumes and increased processing fees has created anxiety among traders and raised doubts about the future direction of Bitcoin's price.
Despite the halt, the decrease in Bitcoin's value was negligible, with the cryptocurrency dropping only 1% to $28,162, its lowest in nearly a week.
This update delves into the recent drop in Bitcoin prices and provides analysis of its implications for the overall cryptocurrency market.
On Wednesday. the focus will be on the US Core Inflation Rate will be in highlights, let's keep an eye on it.
The US consumer prices rose 5.0% year-over-year in March 2023, to a seasonally adjusted annual rate of 301.836, according to the Consumer Price Index (CPI).
The market had expected a growth of 5.2%, which would have resulted in 302.254 points, thus this decrease is in line with expectations.
As of this writing, headline inflation has fallen for nine straight months, and is already at its lowest level since May 2021.
Energy cost reductions have been the primary factor in the price drop.
Binance has halted Bitcoin withdrawals again, explaining that they have a backlog of requests that needs to be processed.
The exchange had previously suspended BTC withdrawals on May 7 due to a supposed overflow of transactions on the blockchain.
Withdrawals were reinstated half an hour later. However, on May 8, Binance stated that it has suspended BTC withdrawals again due to a high number of pending transactions.
According to reports, there are currently about 400,000 Bitcoin transactions awaiting processing in the mempool.
At the time when Binance halted Bitcoin withdrawals for the second time,
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