With Bitcoin surging 15% in just seven days, many investors are wondering if it’s the right time to buy. In this article, we’ll discuss the current state of the Bitcoin market and examine some Bitcoin price predictions for the future.
Let’s take a closer look at the key fundamentals of the cryptocurrency market that may be influencing the overall price movement.
Regulators Take Steps Toward Regulating Cryptocurrency
On February 15, the Securities and Exchange Commission introduced a new “custody” regulation that would limit the ability of asset managers to invest clients’ funds in cryptocurrencies, among other things. This proposal follows several recent measures taken by regulators to provide greater protection to investors in a market known for its high degree of price volatility.
In the meantime, on February 13, the New York Department of Financial Services directed cryptocurrency firm Paxos to cease issuing BUSD, a stablecoin, due to “unresolved issues” related to its association with cryptocurrency exchange Binance, which acts as the coin’s brand. Paxos will stop producing new BUSD tokens from February 21, as instructed by the NYDFS in close collaboration with the company.
Despite repeated assurances from politicians and regulators about regulating the cryptocurrency sector, investors have returned to the volatile digital asset market, causing BTC/USD to rise.
Bahrain Hotel Now Accepting Cryptocurrency Payments
According to a report by Arabian Business on February 13, Novotel Bahrain Al Dana has become the first hotel in the region to accept payments in cryptocurrency. The report states that Novotel Bahrain Al Dana Resort and Eazy Financial Services have partnered to enable customers to settle their hotel bills using cryptocurrencies. To facilitate the service through the Binance app, the hotel will install specially customized terminals at its outlets.
Binance CEO Changpeng Zhao has recommended that cryptocurrency business owners consider relocating to France, Dubai (UAE), and Bahrain, as these countries are supportive of Bitcoin. He believes that moving to a new country would not be a bad idea if you are passionate about your project.
In recent months, several hotels in the Arabian Peninsula, such as W Dubai – The Palm and Palazzo Versace Dubai, have followed the trend towards digitization of financial assets and have started accepting cryptocurrency payments.
The Central Bank of Bahrain has also approved this move, making Novotel Bahrain Al Dana Resort the first hotel in the country to accept cryptocurrency payments. This increased acceptance of digital assets among individuals and countries has contributed to the rise in prices of leading cryptocurrencies such as BTC/USD.
CleanSpark to Acquire 20,000 Latest-Generation Mining Machines
On February 16, Bitcoin mining company CleanSpark announced on its official blog that it had acquired 20,000 new mining rigs of the latest generation. According to the blog post, CleanSpark will spend $32.3 million on the machines after applying coupons for a 25% discount, resulting in an average cost per terahash (TH) of $13.25. The Pro+ rigs, which are 22% more efficient than their previous versions, are expected to be delivered in batches between March and May.
CleanSpark is expanding its mining operations in the United States with the acquisition of 20,000 additional Antminer S19j Pro+ machines for $43.6 million. This purchase could increase the company’s processing capacity by 37%. With this acquisition, the total number of miners purchased by the company during the bear market will be 46,500 units.
By taking advantage of the lower rig prices in the market, the company plans to increase its mining capacity when the BTC/USD price rebounds.
As of today, the live Bitcoin price is $24,460, with a 24-hour trading volume of $23 billion. Bitcoin has decreased by nearly 1% in the past 24 hours. It currently holds the top ranking on CoinMarketCap, with a live market cap of $472 billion. The circulating supply of Bitcoin is 19,296,068 BTC coins, and the maximum supply is 21,000,000 BTC coins.
The BTC/USD pair traded within a narrow range between the $24,400 to $25,250 levels on Sunday. If the price breaks above the $25,250 level, it could potentially reach $26,000 or $26,450.
Bitcoin’s current support is at $24,300. If the price falls below this level, it may drop to $23,750 or even the $23,300 mark. A further drop may result in a breakout of the $23,300 level, which could send BTC toward the $22,850 mark.
CryptoNews has published a detailed review of the top 15 cryptocurrencies that investors should consider for 2023. The report is designed to help investors make informed investment decisions.
In addition to cryptocurrencies, there are other investment opportunities with the potential for high returns that investors may want to consider exploring.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
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