Recent market analysis by financial news YouTube channel, The Modern Investor, paints a bright picture of the direction in which bitcoin (BTC) is headed.
In a recent video, The Modern Investor host cites that billionaire Mike Novogratz predicts that the ongoing banking crisis will cause a significant increase in bitcoin and cryptocurrency prices within the next three months.
Bitcoin to blastoff as banks collapse
As governments potentially inject more money into the financial sector and failing banks, Novogratz anticipates a subsequent rise in the value of cryptocurrencies. This prediction comes as bitcoin approaches $30,000 and market momentum builds, renewing interest and confidence in the stock market.
The price of XRP also continues to climb ahead of the expected verdict in the SEC Ripple lawsuit.
As the global stock market advances, bitcoin’s price moves in tandem, with both experiencing a 1-3% increase in the early morning. According to asset manager BlackRock, the Federal Reserve is not expected to cut rates this year.
CNBC reports that many are calling for the head of the Fed to resign.
Investors are eagerly awaiting the release of U.S. GDP data and weekly jobless claims data today, hoping to see growth despite ongoing inflation and rising rents.
Market expectations for upward movement are linked to a decrease in jobless claims and potential GDP growth in the U.S. Both stocks and the cryptocurrency market seem to reflect this anticipation, with bitcoin attempting to lead the way.
The U.K. government has confirmed that it will not launch an NFT to boost investment, a plan that has been met with skepticism from experts. Concerns have also been raised about Binance due to its Chinese leadership, as institutions increasingly enter the cryptocurrency space after years of denying involvement.
Binance has frozen over $2 million in a cryptocurrency address linked to alleged insider trading, amid increased regulatory scrutiny. The freeze came after a tweet accused the exchange of insider trading from a specific account. By freezing the funds, Binance allows regulators to examine them if necessary.
The U.S. commodity futures trading commission (CFTC) claims that Binance allowed U.S. citizens access to its trading platform despite being told not to by regulators. In response, Binance established Binance.US to provide a legal avenue for American customers to use the platform.