• Binance recently laid off 1000 workers which has caused Bitcoin (BTC) to drop below $31,000.
• The US judge ruling that Ripple’s sales of XRP tokens via public exchanges did not constitute a security offering and the token was not a security, has given a boost to the cryptocurrency market.
• Bitcoin is also likely still benefitting from tailwinds relating to the bombardment of new spot exchange-traded fund (ETF) filings made by numerous Wall Street giants like BlackRock and Fidelity last month.
Binance Layoffs Cause BTC Price Dip
A hint of caution has returned to the cryptocurrency market on Friday in wake of the emergence of reports that Binance has laid off roughly 1,000 workers in recent weeks, and that layoffs could continue. Bitcoin (BTC) slipped back under $31,000 per token on the news, which was first reported by the Wall Street Journal, and was last trading with losses of around 2.5% on the day in the $30,700 area.
US Judge Ruling Boosts Crypto Market
Crypto markets were buoyed on Thursday by the news that a US judge had ruled that Ripple’s sales of XRP tokens via public exchanges did not constitute a security offering, and that the token was not a security.
Falling Yields & Weakening Dollar Support BTC Rally
Bitcoin has also benefitted from macro tailwinds this week in the form of falling US yields, a weakening US dollar and an impressive US stock market rally, all of which was triggered by lower-than-expected US Consumer Price Inflation data released on Wednesday. This data led to markets pulling back on Fed tightening bets for the remainder of 2023, with markets now expecting just one more hike instead of two as guided by Federal Reserve policy makers.
ETF Filings & Blackrock CEO Jawbone Crypto Pros
Bitcoin is also likely still benefiting from tailwinds relating to the bombardment of new spot exchange-traded fund (ETF) filings made by numerous Wall Street giants like BlackRock and Fidelity last month. And BlackRock’s CEO Larry Fink continues to jawbone regarding the pros of crypto and bitcoin . He was quoted on Friday as saying physical gold transactions costs are “absurd” something solved by digital gold – bitcoin – as well as noting crypto interest is “broad-based” and “worldwide”.
Price Prediction – Where Next for Bitcoin (BTC)?
Bitcoin’s about-turn confirms that it isn’t quite yet ready to break out its recent multi-week range; however it is still trading above its major moving averages & uptrend remains intact due to macro conditions improving & institutional interest rising