Bitcoin Price Prediction as $10 Billion Trading Volume Comes – Where is BTC Heading Now?
The most well-known cryptocurrencies, Bitcoin and Ethereum, are ending the week on a bearish note, with both coins continuing to lose value. Bitcoin recently fell below $28,000, while Ethereum has fallen to $1,800.
Although Bitcoin reached $28,500 earlier this week, the rally was short-lived, as the price quickly fell. Similarly, Ethereum failed to reach $1,800 on Sunday morning, causing investors to be concerned.
However, the reason for the latest decline can be traced back to the news that Binance, a leading crypto exchange, is facing crypto regulations in the US and Dubai.
The Virtual Assets Regulatory Authority (VARA) in Dubai has told Binance, which got an MVP license from the authority in September 2022, to give more information about the company's ownership structure, governance, and auditing procedures.
Furthermore, the broad-based US dollar has been gaining traction due to previously released US job data showing the US economy is growing, increasing the likelihood that the Federal Reserve will have to raise interest rates next month.
This was evidenced by market participants, who now believe there is a 70% chance that interest rates will rise, which will likely negatively impact Bitcoin prices.
As previously stated, Dubai's Virtual Assets Regulatory Authority (VARA) has ordered the leading cryptocurrency exchange, Binance, to submit more details regarding the company's ownership structure, governance, and auditing procedures.This measure is part of the UAE city's attempt to meet the challenges of cryptocurrencies with tough laws and assure compliance with the highest regulatory requirements. Binance management has said they have provided all essential answers to VARA through their regulatory and fiduciary duties.
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