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Peter Davis

An writer at FOMOdrive

  • Aug 31, 2023
  • 3 min read

Bitcoin could rally soon, and here's why

Investors in cryptocurrency may suffer from Fear of Missing Out (FOMO) syndrome.

Bloomberg has reported that stablecoins may be able to outperform Bitcoin.

The head of the SEC was proposed to be fired by the US Congress.

Twitter obtained a license to facilitate cryptocurrency payments.

Investment firm BlackRock has put money into stocks related to the mining industry.

Credible Crypto, a well-known YouTube analyst, predicted that if Bitcoin reaches the significant $30,000 mark again, crypto investors will experience FOMO (Fear of Missing Out) and drive the price of Bitcoin even higher.

Raul Pal, founder of Real Vision, believes that the current Bitcoin consolidation could lead to a strong surge. He states that after times of low volatility, BTC is increasing rapidly.

The US Congress has proposed to dismiss the head of the SEC following a court ruling that deemed Grayscale's refusal to establish a bitcoin ETF unlawful. This is the second consecutive defeat for the SEC in a case involving members of the crypto sector; Ripple had previously achieved a "partial victory" in a lawsuit in 2020.

The chances of a Bitcoin ETF being approved in 2023 have been increased to 75% by Bloomberg, with the possibility of reaching 95% by the end of 2024, following the court ruling of Grayscale. In the upcoming week, the SEC will be evaluating multiple applications for these funds.

In the SEC's case against Binance, a closed motion containing 35 pieces of physical evidence, a statement from the agency's trial lawyer, and a proposed order was filed. The commission requested that the data submitted to the court not be made public, which is an uncommon occurrence, according to legal professionals.

As part of an international operation, the FBI successfully dismantled the Qakbot botnet, which had infected over 700,000 computers worldwide. Through their efforts, law enforcement officers were able to seize a total of $8.6 million worth of bitcoins.

BlackRock, a major investment firm, has put over $400 million into the stocks of four mining companies, making it one of the most influential advocates for the Bitcoin sector in the United States.

Stablecoins are predicted to become more popular than bitcoin in the near future, however, the issue of regulation must be addressed before this can happen. According to Bloomberg Intelligence, this is the only obstacle that stands in the way.

USDT, the largest stablecoin by capitalization, has had its miner, Tether, sign an agreement with private Bahamian bank Britannia Bank & Trust to process dollar transfers.

After rebranding from Twitter, Company X has been granted the license to offer cryptocurrency payments and merchant services in the United States. This is a promising development for the potential of cryptocurrencies on the platform.

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