Bitcoin, the world’s leading cryptocurrency, struggled to maintain its recent mild upward trend, peaking at $66,180 but turning bearish around $64,700 and dropping to an intraday low of $64,300.
This downward movement is likely linked to the news that Binance.US lost its money transmitter licenses in multiple states, including North Dakota. This development creates uncertainty and reduces confidence among traders and investors in the cryptocurrency market, leading to selling pressure on Bitcoin and other cryptocurrencies.
Binance.US Licensing Issues Impact Cryptocurrency Markets and Bitcoin Price
Binance.US, operating independently from Binance.com since 2019, has lost its money transmitter license in seven states, most recently in North Dakota. Other states include Alaska, Florida, Maine, North Carolina, and Oregon, all citing failure to meet licensing requirements and protect citizens from unlawful practices.
Despite being a separate entity, Binance.US shares branding and software with Binance.com, linked to former CEO Changpeng Zhao, who faces legal issues. The US arm has paused new user sign-ups in several states and lacks licenses in key markets like New York and Texas. This broader regulatory scrutiny significantly impacts its operations.
The loss of licenses in multiple states may affect investor confidence, leading to short-term volatility in Bitcoin prices due to concerns about regulatory crackdowns on cryptocurrency exchanges.
Key Points:
- Binance.US lost licenses in seven states, including North Dakota.
- Regulatory issues linked to former CEO Changpeng Zhao.
- Potential short-term volatility in Bitcoin prices due to regulatory concerns.
German Government’s Bitcoin Transfers Signal Potential Market Impact
The German government has been actively transferring a substantial amount of Bitcoin to major cryptocurrency exchanges. Recently, they moved 1,500 BTC, following earlier transfers of 500 BTC each to Kraken and Bitstamp, and 200 BTC to Coinbase. These activities have been noted by Arkham Intelligence, a blockchain data analysis firm, suggesting a possible plan to sell these assets soon.
UPDATE: German Government Still Selling BTC > $195M So Far.
In the past 2 hours, the German Government sent $65M in BTC to 2 likely exchange deposits including Coinbase.
The German Government moved $600M BTC yesterday, sending $130M BTC to 4 likely exchange deposits including… pic.twitter.com/in2urlDBE0
— Arkham (@ArkhamIntel) June 20, 2024
Currently, Germany holds 46,859 BTC, valued at approximately $3.04 billion. This significant shift in their digital asset management strategy could impact Bitcoin’s market supply and influence its price, as market participants closely monitor these developments.
The German government’s substantial Bitcoin transfers to exchanges might lead to short-term price volatility. Market speculation about their intentions could affect Bitcoin’s liquidity and price dynamics.
Key Points:
- German government transferred 1,500 BTC to exchanges, following previous transfers.
- Current holdings: 46,859 BTC, valued at $3.04 billion.
- Potential short-term price volatility due to market speculation on selling intentions.
Bitcoin Price Outlook: Institutional Support and ETF Projections
Bernstein analysts predict Bitcoin could reach $200,000 in the coming months, driven by increased institutional interest. The expected approvals of spot Bitcoin ETFs at major financial institutions by late 2024 are key factors. These ETFs could attract substantial new capital, potentially representing 7% of Bitcoin’s circulating supply by 2025.
BERNSTEIN: “.. We revise up our #Bitcoin price expectation to $200K cycle-high by 2025E (vs. $150K earlier). Our base case estimates: Bitcoin at $200K by 2025E ..
.. $500K by 2029E
.. and $1Mn by 2033E.”Initiate $MSTR Outperform pic.twitter.com/V3LHUdCPD2
— Carl Quintanilla (@carlquintanilla) June 14, 2024
MicroStrategy continues its aggressive Bitcoin accumulation strategy, recently adding 11,931 BTC to its holdings, bringing the total to 226,331 BTC. This underscores strong institutional support amidst market fluctuations.
Analysts from Bernstein Research (AllianceBernstein) are predicting Bitcoin could reach $200,000 by 2025.
If Bitcoin hits $200,000, are you selling?
👇(if you pick “some,” I’d love you to comment below how much)👇
— Steve 🤙 (@NFTbark) June 20, 2024
Institutional interest and ETF projections are sustaining upward pressure on BTC price, potentially driving it closer to $200,000. Strategic acquisitions like MicroStrategy’s highlight ongoing market stability.
Key Points:
- Bitcoin could reach $200,000, driven by institutional interest and ETF approvals.
- Expected ETFs may represent 7% of Bitcoin’s circulating supply by 2025.
- MicroStrategy’s recent purchase of 11,931 BTC boosts its total holdings to 226,331 BTC.
Bitcoin Price Prediction
Bitcoin (BTC/USD) continues to trade under pressure, currently at $64,600. The pivot point (green line) at $65,180 is a critical level which suggests a bearish Bitcoin price prediction.
Immediate resistance is observed at $65,390, with further resistance at $66,260 and $67,270.
On the downside, immediate support lies at $64,100, followed by stronger support levels at $63,160 and $62,300.
Technical Indicators:
- RSI: 40, indicating a bearish momentum.
- 50 EMA (50-Day Exponential Moving Average): $65,390, which is capping Bitcoin’s upside potential.
A downward channel is extending resistance near the $65,500 level, limiting BTC’s upward movement. On the lower side, immediate support is around $64,100.
Conclusion: The outlook remains bearish below $65,180. A break above this pivot point could trigger bullish momentum, while staying below it may lead to further declines.
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Bitcoin Price Prediction 2024 – 2034
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