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Peter Davis

An writer at FOMOdrive

  • Jun 19, 2023
  • 2 min read

Bitcoin could crash by 50% - Benjamin Cowan

The dollar is increasing in strength, putting pressure on Bitcoin.

The mining of BTC has become more challenging than ever before, reaching new all-time highs.

Miami Bitcoin 2023 organizers have reported a decrease in enthusiasm for the event.

XRP has seen a 9% increase in the past two days, coinciding with the launch of Ripple's platform for issuing Central Bank Digital Currencies (CBDCs) and stablecoins.

The Securities and Exchange Commission (SEC) detected indications of a potential security in the Filecoin cryptocurrency.

The difficulty of mining BTC increased by 3.22%, reaching a high of 49.55 T, after the next recalculation. Over the two weeks prior to this change, the average hash rate was a record 367.3 EH/s, indicating that miners are continuing to increase their computing power.

Benjamin Cowen, a well-known YouTube analyst, cautioned his followers that Bitcoin could potentially drop by half in value. He predicted that the rate of the leading cryptocurrency will range from $12,000 to $35,000 in 2023, but in the latter half of the year, it is likely to move towards the lower end of the spectrum due to a potential recession.

Organizers of the Miami Bitcoin 2023 conference reported a decrease in interest for the event, with fewer than 50% of the usual number of attendees applying to participate compared to previous years.

The US Securities and Exchange Commission (SEC) requested that Grayscale withdraw its application to establish the Filecoin Trust fund, as the Filecoin cryptocurrency could be classified as a security.

Rostyn Benham, the head of the Commodity Futures Trading Commission (CFTC), has stated that regulators should have control over the activities of decentralized exchanges (DEX), regardless of whether they are operated autonomously or with the involvement of a human.

Canvas, a blockchain infrastructure provider, has reported that DigitalX and TAF Capital, two cryptocurrency fund managers, have successfully conducted the first trial transaction with the digital Australian dollar (eAUD) and exchanged it for the USDC stablecoin.

After the introduction of the new DRC-20 standard, which allows the creation of NFTs and other tokens on the meme cryptocurrency blockchain, the daily number of transactions in the Dogecoin network has hit an all-time high. Binance CEO Changpeng Zhao commented that Elon Musk "extended the life" of Dogecoin, which could have "disappeared a long time ago."

Ripple has just unveiled a platform that enables users to create and transact with central bank digital currencies (CBDCs) and stablecoins. This news has caused the XRP token to surge by 9% in the last two days.

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