Hovering around the $31,000 mark, Bitcoin is struggling to break free from this resistance, yet simultaneously, it’s demonstrating resilience by not plummeting below the $29,500 support. This tight range has left investors and traders in a state of flux, wondering where BTC’s heading next.
A Fed meeting is scheduled for July 25 and 26. A whopping 99.2% probability has been assigned to a 25 basis point rate hike. While such a move seems to have been factored into current market prices, any unexpected decisions by the Fed could serve as the catalyst for Bitcoin’s next big move.
The crypto community remains divided in its predictions. Some analysts, observing the current stagnation, foresee a potential dip, with Bitcoin possibly approaching the $20,000 zone.
On the flip side, optimists believe that if Bitcoin can muster enough momentum to break the current resistance, we might witness a rally, with targets set around the $40,000 mark.
Ripple has submitted an application to the UK’s Financial Conduct Authority (FCA) to register as a crypto asset entity. This comes after Ripple’s recent victory against the US SEC, where the court ruled that while XRP is considered a security for institutional investors, it doesn’t hold the same status for retail investors.
Concurrently, Ripple is also eyeing a payments license in Ireland, signaling its expansive regional ambitions. Meanwhile, the UK is progressively shaping its crypto regulatory landscape.
A recent law, endorsed by the monarchy, equates crypto regulations to those of traditional financial assets. This empowers key UK institutions, including the FCA and the Bank of England, to oversee and implement rules for the growing crypto sector.
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