Bitcoin Price Prediction as $20 Billion Trading Volume Comes In – Is Now a Good Time to Buy BTC?
Bitcoin, the world's largest cryptocurrency, has been quite fabulous since the start of 2023, soaring over 70% in the first quarter.
However, the upward trend appears to be losing steam as BTC recently fell over 2% to $28,284.02.
The current Bitcoin price is $28,238, and the 24-hour trading volume is $21 billion. Bitcoin has fallen by 2.61% in the previous 24 hours.
Meanwhile, Ethereum (ETH), the second-largest cryptocurrency globally, has been performing exceptionally well in the past week.
This is due to the successful implementation of the Shanghai hard fork update.
BTC's value has fallen recently because of two main reasons. Firstly, the US Fed Chair made some hawkish comments about interest rate hikes that caused uncertainty in the market.
Secondly, President Biden's proposed tax on electricity costs for crypto miners has added to the negative sentiment around BTC's price rally.
Thus, these events have made investors cautious and caused some to reduce their investments in BTC and other cryptocurrencies.
Bitcoin's price has been decreasing, thanks to concerns about new regulations for cryptocurrencies in the United States.
According to Mark Connors, the head of research at Canadian crypto asset manager 3iQ, US digital asset companies are now moving to other countries, as Coinbase has decided to get licensed in Bermuda to launch an exchange as early as next week.
This regulatory uncertainty and companies moving to other countries are creating a downward trend for Bitcoin's price.
On the positive side, TeraWulf, a leading Bitcoin mining company, has successfully launched the first-ever nuclear-powered Bitcoin mining plant in the United States.
It is also worth noting that Nautilus Cryptomine facility is now powered by over
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