In the past week, Bitcoin’s price has experienced an impressive 7% increase, raising questions about the cryptocurrency’s future trajectory. As investors and market analysts eagerly assess the factors driving this surge, many are left wondering where Bitcoin is heading next and what potential obstacles it may face along the way.
Grayscale Reports Soaring Popularity of Ordinals
Ordinals, a new non-fungible token (NFT) gaining rapid popularity on the Bitcoin network, are drawing attention from institutional investors. On April 27, Grayscale Bitcoin Trust (GBTC), the leading institutional cryptocurrency fund, published an article discussing the benefits of ordinals for the Bitcoin network.
The article suggests that ordinals could increase Bitcoin miner fees and spark a cultural shift within the Bitcoin ecosystem.
Grayscale contends that ordinals have emerged as a result of utilizing the existing Bitcoin network and subsequent crypto developments. The rise of ordinals may foster a community and culture supportive of the Bitcoin network and its ongoing development.
According to the report, ordinals could attract new users who may not have previously considered adopting Bitcoin. This increased interest could potentially benefit BTC/USD.
Binance Set to Re-enter Japanese Market Following Acquisition of Sakura Trading Bitcoin
Binance is set to re-enter the Japanese market after acquiring the licensed crypto trading platform Sakura Trading Bitcoin (SEBC). By May 31, SEBC will cease providing its current cryptocurrency exchange and brokerage services. After June 2023, SEBC is expected to relaunch as Binance Japan.
The leading cryptocurrency exchange has faced regulatory compliance issues in several countries, but has managed to improve its relationship with regulators.
Moreover, Japan was among the first countries to establish regulations for cryptocurrencies. The nation has recently relaxed regulatory requirements for cryptocurrency platforms, making it easier to launch new crypto coins.
Consequently, the return of the world’s top cryptocurrency exchange to Japan is beneficial for the leading cryptocurrency, BTC/USD.
Congressional Hearings Aim to Establish Clear Cryptocurrency Regulations
Regulation is a significant concern in the cryptocurrency sector. The community seeks a clear regulatory framework, but regulators have not clarified the rules of conduct.
To address this issue, the Chairman of the House Financial Services Committee, Patrick McHenry, has planned a series of joint hearings to examine the structure of the US digital asset market.
According to an April 27 joint release, numerous prominent members of the US Congress have teamed up to create a more transparent regulatory framework for the US digital asset industry. The announcement stated that the committees would collaboratively approve and sign clear regulations for the digital asset ecosystem into law.
McHenry offered more details about the upcoming hearings in May during an address at the Consensus event on April 28. The Chairman asserted that the hearings would represent the first comprehensive review of digital asset laws.
The legislation would define digital currency regulations and affect securities and commodities regulations. Consequently, if the bill becomes law, it will benefit the crypto market and the value of BTC/USD.
At the moment, BTC/USD is consolidating around $29,330, with the leading digital currency’s price having risen by nearly 6.5% in the last week. Technically, Bitcoin encounters immediate resistance near the $30,000 level, which also serves as a psychological hurdle.
Conversely, substantial support can be found around the $29,000 mark. Within the two-hour timeframe, a downward-sloping trendline intersects with Bitcoin’s upward movement.
The 50-day Exponential Moving Average (EMA) is located near the $29,100 mark, indicating a potential uptrend for Bitcoin.
If Bitcoin can surpass the $30,000 resistance level, it may target the $30,400 or $30,800 resistance levels. Conversely, if BTC drops below the $29,100 mark, it could aim for the $28,800 or $28,200 levels.
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Top 15 Cryptocurrencies to Watch in 2023
In addition to Bitcoin, the market features a diverse range of promising cryptocurrencies, including emerging altcoins and presale tokens that could yield substantial returns.
Consequently, the Cryptonews Industry Talk team has compiled a list of the top 15 cryptocurrencies for 2023, each demonstrating strong potential for both short-term and long-term growth.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
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