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Peter Davis

An writer at FOMOdrive

  • Oct 09, 2023
  • 3 min read

Bitcoin could fall to $15,000 due to US Federal Reserve

Investments in crypto funds have seen a record growth over the past three months.

At the recent event, Changpeng Zhao discussed the potential for Bitcoin to increase in value following its halving.

The SEC stated that cryptocurrencies have no intrinsic value.

Most cryptocurrencies were allowed to collapse to zero by Buffett's companion.

The lawyer estimated that the SEC-Ripple litigation would be finished by 2027.

On Monday, Bitcoin experienced a decline after it had difficulty surpassing the strong resistance at $28,000, which is where the 200-day and 100-day moving averages are situated.

CoinShares reported that investments in crypto funds rose by $78 million last week, making it the second consecutive week of inflows and the highest in the last 12 weeks. Specifically, investments in Bitcoin increased by $43 million, Ethereum by $10 million, and funds that allow opening shorts on Bitcoin by $1.2 million.

Solana saw its largest influx of funds since March 2022 this week, amounting to $24 million, further cementing its status as the go-to altcoin.

Last week was a major challenge for Ethereum investors after the introduction of six futures ETFs in the United States. The new ETFs raised nearly $10 million in their first week, indicating a relatively low level of interest, especially in comparison to the Bitcoin futures ETF, which raised $1 billion in its first week of launch in October 2021, according to CoinShares.

Nicholas Merten, CEO of DataDash, believes that the US Federal Reserve's actions could lead to a recession in the US economy, which could cause Bitcoin to return to the $15,000-$17,000 range. He states that for BTC to thrive, the money supply in the economy must increase and investors must be optimistic and willing to take risks. Unfortunately, these conditions are not currently being met.

At a hearing in the Securities and Exchange Commission's (SEC) case against Coinbase, an SEC representative stated that cryptocurrencies have no intrinsic value. In response to Coinbase's request to dismiss the SEC's lawsuit, the judge denied the SEC's motion for summary judgment.

Charles Munger, the vice chairman of Berkshire Hathaway and ally of Warren Buffett, declared that the majority of investments in cryptocurrencies will be worthless.

Jeremy Hogan, a lawyer, predicted that the SEC lawsuit against Ripple will be concluded by 2027. He believes that the regulator does not have any "really good options" to make a final decision.

The Financial Conduct Authority (FCA) of the United Kingdom has created a blacklist of 143 crypto companies that it does not recommend conducting business with. This list includes the well-known crypto exchanges HTX and KuCoin.

The Solana development team has released update 1.16 to the network, drastically decreasing the RAM requirements of validators' hardware and enabling confidential transactions.

Changpeng Zhao, the CEO of the Binance exchange, has dismissed the idea of Bitcoin experiencing explosive growth immediately after its halving. He stated that BTC usually only reaches new highs a year after the reward to miners is reduced.

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