Recent market analysis by YouTube financial news channel The Modern Investor paints a bright picture of the direction bitcoin (BTC) is headed.
In a recent video, the host of The Modern Investor quotes that billionaire Mike Novogratz predicts that the current banking crisis will cause a significant increase in bitcoin and cryptocurrency prices in the next three months.
Bitcoin Will Take Off As Banks Collapse
As governments potentially pump more money into the financial sector and failing banks, Novogratz anticipates a further rise in the value of cryptocurrencies. This prediction comes as Bitcoin approaches $30,000 and market momentum builds, renewing interest and confidence in the stock market.
The XRP price also continues to rise ahead of the expected verdict in the SEC Ripple lawsuit.
As the global stock market progresses, the bitcoin price moves in tandem, with both seeing a 1-3% rise early in the morning. According to asset manager BlackRock, the Federal Reserve is not expected to cut rates this year.
CNBC reports that many are calling for the resignation of the Fed chief.
Investors eagerly await the release of US GDP data and weekly jobless claims data today, hoping to see growth despite ongoing inflation and rising rents.
Market expectations for a move higher are linked to a decline in jobless claims and potential GDP growth in the US. Both stocks and the cryptocurrency market appear to reflect this anticipation, with bitcoin attempting to lead the way. .
The UK government has confirmed that it will not launch an NFT to boost investment, a plan that has been met with skepticism from experts. Concerns have also been raised about Binance due to its Chinese leadership, as institutions increasingly enter the cryptocurrency space after years of denying their involvement.
Binance has frozen more than $2 million in a cryptocurrency address linked to alleged insider trading, amid heightened regulatory scrutiny. The freeze came after a tweet accused the trading of inside information on a specific account. By freezing the funds, Binance allows regulators to scrutinize them if necessary.
The US Commodity Futures Trading Commission (CFTC) claims that Binance allowed US citizens to access its trading platform despite being told not to by regulators. In response, Binance established Binance.US to provide a legal avenue for US clients to use the platform.
