In recent cryptocurrency market events, Bitcoin’s price has seen a big drop, dropping to $26,000, representing a 10% dip this month. The top cryptocurrency experienced a drop of about 4% during the last day due to several factors, including fresh forecasts of a hawkish Federal Reserve posture, a strengthening of the US dollar index, and persistent worries about the US debt ceiling.
Bitcoin’s Price Source: Coindesk
A well-known investing business called Valkyries has predicted that Bitcoin’s price may drop even more, to around $24,000. Their study highlights the Ichimoku cloud’s bearish flip on the daily chart of Bitcoin’s price, which is a momentum indicator. Despite an optimistic trend, Chief Investment Officer Steven McClurg warns of a short-term retrenchment in a client note.
Fahrenheit Consortium about Bitcoin
The Fahrenheit consortium, which has made a substantial acquisition in the cryptocurrency area, has also been successful in its effort to purchase the bankrupt lender Celsius Network. According to court documents, Fahrenheit will now acquire the assets of Celsius Network, which previously held a value of nearly $2 billion. The coalition will acquire Celsius’ institutional loan portfolio, staked Bitcoins, mining units, and other alternative assets. The consortium comprises mining company US Bitcoin Corp and venture capital firm Arrington Capital. Fahrenheit must deliver a $10 million payment within three days to finalize the agreement.
The newly established corporation will also receive a substantial sum of liquid cryptocurrency. The estimated amount ranges from $450 to $500 million. US Bitcoin Corp also has plans to build several crypto mining facilities including a brand-new 100-megawatt plant. Â
These trends reflect the current state of the cryptocurrency industry. Bitcoin’s price has experienced a significant decline due to economic and governmental concerns. Traders and investors closely monitor the $24,000 support level. The near-term direction of Bitcoin’s price remains uncertain.
