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Bitcoin Price Prediction – How Many Rejections Will BTC Sustain Before Breakout Above $30k

The global cryptocurrency market has seen a boom in popularity, especially Bitcoin.

Bitcoin is the world’s largest cryptocurrency, and its price is a hot topic in the global cryptocurrency market. The US financial crisis caused many traditional banking clients to lose confidence in financial institutions, which led to an increase in the popularity of cryptocurrencies, especially Bitcoin (BTC). BTC has experienced significant growth in value over the last month, and American investors, including institutional investors, are buying Bitcoin in large quantities in the hope it will eventually replace the US dollar as the world’s reserve currency.

Chinese banks have recently shown readiness to accept cryptocurrency companies based in Hong Kong, which is a positive stance towards the crypto industry. This decision will likely increase Bitcoin’s (BTC) acceptance by allowing crypto companies to access fundamental banking services. Conversely, regulations such as KYC and AML will remain a cornerstone in the banking realm, limiting the influence on Bitcoin price.

Nvidia’s CTO, Michael Kagan, has stated that cryptocurrencies are not useful for society, even though his company has sold billions of dollars of equipment to cryptocurrency miners. Instead, Kagan believes that artificial intelligence (AI) solutions, like the popular language model ChatGPT, are more beneficial than cryptocurrencies.

The Federal Reserve officials expect two more interest rate hikes by June, but they are still uncertain due to the challenges faced by the banking industry. It remains to be seen how these developments will affect the price of Bitcoin (BTC) and other cryptocurrencies.

Bitcoin Price

The current Bitcoin price is $27,898, and the 24-hour trading volume is $14.7 billion. Bitcoin is now the market leader, with a live market cap of $539 billion. It has a total quantity of 21,000,000 BTC coins and a circulating supply of 19,329,543 BTC coins. Bitcoin has increased by over 0.50% in the previous 24 hours.

Chinese Banks’ Acceptance of HK Crypto Firms Boosts BTC

Hong Kong has allowed cryptocurrency industry access, and, unexpectedly, Chinese state-owned institutions have appeared as possible backers for the inflow of crypto firms. The Bank of Communications, Bank of China, and Shanghai Pudong Development Bank have all started providing financial services to local crypto enterprises, and Chinese bank representatives have personally promoted their offers to crypto firms.

Hence, this decision will likely increase Bitcoin’s (BTC) acceptance by allowing crypto companies better access to fundamental banking services. Conversely, the regulations such as KYC and AML will remain a cornerstone in the banking realm, limiting the influence on Bitcoin price.

Fed Interest Rate Uncertainty and US Core PCE Price Index Release: Potential Impacts on Bitcoin Price

The Federal Reserve officials expect two more interest rate hikes by June, but they are still uncertain due to the challenges faced by the banking industry. It remains to be seen how these developments will affect the price of Bitcoin (BTC) and other cryptocurrencies.

Investors will continue to focus on the release of the US Core PCE Price Index, which is the Fed’s preferred inflation gauge, scheduled for Friday. It remains to be seen how this will impact the price of Bitcoin (BTC) and other cryptocurrencies.

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