Bitcoin Price Prediction as BTC Dips Back Below $31K as Binance Lays Off 1000 Workers
A hint of caution has returned to the cryptocurrency market on Friday in wake of the emergence of reports that Binance has laid off roughly 1,000 workers in recent weeks, and that layoffs could continue.
Bitcoin (BTC) slipped back under $31,000 per token on the news, which was first reported by the Wall Street Journal, and was last trading with losses of around 2.5% on the day in the $30,700 area.
As per the WSJ’s report, Binance could eventually let go of up to one-third of its workforce, which had numbered around 8,000 prior to the start of layoffs.
Bitcoin’s reversal back under $31,000 comes after the cryptocurrency hit fresh highs for the year on Thursday in the $31,800s.
Crypto markets were buoyed on Thursday by the news that a US judge had ruled that Ripple’s sales of XRP tokens via public exchanges did not constitute a security offering, and that the token was not a security.
Bitcoin has also benefitted from macro tailwinds this week in the form of falling US yields, a weakening US dollar and an impressive US stock market rally, all of which was triggered by lower-than-expected US Consumer Price Inflation data released on Wednesday.
This data led to markets pulling back on Fed tightening bets for the remainder of 2023, with markets now expecting just one more hike, not two (as guided by the Fed), as per the CME Fed Watch Tool.
Bitcoin is also likely still benefitting from tailwinds relating to the bombardment of new spot exchange-traded fund (ETF) filings made by numerous Wall Street giants like BlackRock and Fidelity last month.
And BlackRock’s CEO Larry Fink continues to jawbone regarding the pros of crypto and bitcoin.
He was quoted on Friday as saying the cost of transacting physical gold is “absurd”, something that
Read more on cryptonews.com
