Bitcoin Price Prediction: Stuck Below $30,000 Ahead of Potential Fed Rate Hike
As of Wednesday, Bitcoin price is trading at $29,250, showing a modest increase of nearly 0.50%.
However, the cryptocurrency remains stuck below the critical $30,000 level, with investors closely monitoring the upcoming Federal Reserve (Fed) rate decision.
The anticipation of a potential rate hike has added uncertainty to the market, affecting Bitcoin's price movement.
In the midst of these developments, the UAE regulator has granted Rain permission to provide cryptocurrency brokerage and custody services, reflecting the growing interest and recognition of the digital asset market.
BTC surged beyond the $30,000 mark a month ago, driven by the excitement surrounding financial giant BlackRock's proposal for a Bitcoin ETF.
The prospect of regulatory approval for the world's largest asset management firm to invest in digital assets sparked speculation that significant institutional funds could flow into the cryptocurrency market.
However, Bitcoin's price has remained relatively stagnant since then, primarily due to apprehension surrounding the Federal Reserve's upcoming decision on July 26, which is widely expected to include a 25 basis point (bps) interest rate increase.
Market participants have already factored in the potential impact of the Fed's decision by entering long positions, resulting in today's boost in BTC value.
However, post the Fed's decision, it is anticipated that the value of BTC will decline, potentially pushing prices further below the $30,000 range. The market remains cautious as the cryptocurrency awaits the Fed's monetary policy update.
The Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority has granted Rain, a cryptocurrency firm, the official permission to provide brokerage and
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