Bitcoin Price Prediction as $38 Billion Trading Volume Comes In – Will BTC Keep Going Up?
Bitcoin opened trading on January 24 at $22,910 and it's currently trading at $22,895.00, up 0.40% in the last 24 hours. BTC/USD has ranged between a high of $23,154.00 and a low of $22,770.
Furthermore, its value has risen by more than 8% in the last week.
Grayscale Investments CEO Michael Sonnenshein published a letter in The Wall Street Journal on January 23. The approach of the United States Securities and Exchange Commission (SEC) to crypto regulatory compliance, according to the CEO of a crypto asset management company, has slowed the growth of Bitcoin in the country.
He agreed that the SEC was "late to the game" when it came to regulating cryptocurrencies and mitigating FTX's bankruptcy. Grayscale is now suing the SEC for refusing to convert their Bitcoin trust to a spot-based exchange-traded fund (ETF). Michael stated unequivocally that, while the SEC should undoubtedly strive to eliminate unethical actors, it should not obstruct efforts to enact appropriate legislation.
Furthermore, Sonnenshein stated that the regulator's failure to prevent such unethical actors from entering the crypto sector hampered Bitcoin's expansion into the US regulatory perimeter.
Because of the volatile nature of the cryptocurrency industry and the speculative nature of digital assets, regulators must engage and adopt the necessary legislation. The rules will also cause the BTC/USD to rise because investors will feel more secure.
The cryptocurrency market could rise in February, signaling a positive change in the macroeconomic situation. The Federal Open Market Committee (FOMC) will meet on January 31 and February 1.
As a result, the Fed's monetary policy forecast against the possibility of a US recession may determine how much Bitcoin will
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