Bitcoin and Ethereum Price Prediction as BTC Spikes Up and ETH Hits $2,500 – Time to Buy
As the weekend unfolds, Bitcoin (BTC) has seen a notable uptick, trading at $41,700 with nearly 1.40% increase on Saturday. Despite this positive momentum, skepticism remains as The New York Times maintains a cautious stance on Bitcoin’s prospects. Adding to the wary outlook, the RBI Governor has flagged cryptocurrencies as a risk to the stability of the Indian Rupee, urging investors to proceed with caution.
Meanwhile, the Commodity Futures Trading Commission (CFTC) has reported a loss of $2.3 million by the cryptocurrency exchange Debiex due to alleged romance scams, highlighting the vulnerabilities within the crypto space. Furthermore, the strength of the US Dollar Index (DXY) is seen as a potential threat to Bitcoin’s recovery, compounded by the selling pressure from Grayscale Bitcoin Trust (GBTC).
With such diverse factors at play, investors are pondering whether it’s the opportune moment to buy into Bitcoin and Ethereum as the latter taps the $2,500 mark.
Governor of the Reserve Bank of India (RBI), Shaktikanta Das, has spoken about the serious risks that come with cryptocurrencies, particularly for developing nations. Das underlined the possible effects on the monetary system, currency stability, and financial stability. He voiced worries about cryptocurrencies’ lack of underlying assets and their ability to replace money in payment systems and banking.
Das highlights the speculative nature of cryptocurrencies and sees considerable risks, even in spite of the U.S. Securities and Exchange Commission having approved spot Bitcoin exchange-traded funds (ETFs). The governor’s cautious approach increases the regulatory obstacles that cryptocurrencies must overcome and may lead to more volatility in the market.
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