Apr 28, 2023 (SeoXnewsWire) — As the cryptocurrency market continues to surprise investors with its volatility, Bitcoin has yet again witnessed a sharp drop below the crucial support level of $29,000. The recent downtrend has not only left market observers confused but has also sparked intense debate on where the BTC price may be heading next.
In this insightful article, Alex Thomas Baumann, a crypto analyst at Digital-Century, has taken a closer look at the underlying factors behind the drop and explored potential scenarios for Bitcoin’s future price trajectory, providing you with valuable insights into the market.
Twitter and eToro Partner to Enable Equities and Cryptocurrency Trading on Social Media; Bitcoin Price Quotes Added to the Platform
In a major development, Twitter and eToro, users may now trade both cryptocurrencies and stocks on social networks thanks to new cooperation established by the Israeli digital currency exchange, eToro. This innovative collaboration enables Twitter users to execute transactions for coins they discover through the platform. People may easily complete their preferred transaction by visiting the eToro site by clicking a button whenever they observe other people tweeting about a particular coin.
Moreover, With TradingView providing the price quotations, Twitter has added Bitcoin price quotations to its social networking platform. The price quotes are currently only available for Bitcoin, without bringing up any other significant cryptocurrencies. A warning that reads “Your Investment Is In Danger” is also shown next to the price of the BTC chart.
Given Bitcoin’s market dominance, being worth 46% of the whole cryptocurrency market, and the predicted increase in the BTC/USD pair as a result of the relationship with Twitter, this development is a significant step in mainstreaming cryptocurrency trading.
CME Group Expands Digital Currency Options to Include More Possibilities for Bitcoin and Ether Contracts
CME Group, a leading derivatives marketplace, has made known that it intends to increase the possibilities for both its standard and small-sized Bitcoin as well as Ether contracts. The purpose of the move is to provide market participants with more control over the danger of sudden drops in the value of Bitcoin. Following regulatory clearance, these freshly introduced agreements are slated to go into effect on May 22, with expirations accessible on all business days from Mon to Fri.
In addition, the volume of trading in Bitcoin options and futures contracts at CME Group has significantly increased. This is a positive development for the BTC/USD pair, as the introduction of Bitcoin futures and contracts with daily expiries on a regulated platform like CME provides a boost to Bitcoin’s legitimacy as an asset class and offers traders more ways to hedge their risk.
Bitcoin Financial Services Provider Unchained Capital Secures $60 Million in Series B Funding Round
Unchained Capital, The Austin-based company that provides financial solutions for Bitcoin owners, has raised sixty million dollars in new funding to broaden its offering of financial services in the face of shifting market conditions. The company has plans to use the funds to improve the range of products it offers, strengthen its core set of services related to finance, and draw in new customers.
Leading the Series B investment round was Valour Equity Partners, a well-known financier of startup companies like Tesla and SpaceX. The investment, which concluded this month, also included previous backers such as Highland Capital Partners, Trammell Venture Partners, NYDIG, and Ecliptic Capital. This funding follows a $15 million round led by Ten31 in the autumn of the prior year. The move highlights the growing importance of firms providing financial services to Bitcoin holders as the market for cryptocurrencies continues to evolve.
The live Bitcoin price today is $28,906.25 USD, with a 24-hour trading volume of $21,035,266,210 USD. Bitcoin is ranked #1 at the moment, with a live market capitalization of $558,541,090,979. BTC has a maximum supply of 21,000,000 BTC coins, with a circulating supply of 19,351,506 BTC coins.
Australia Surpasses Asia in Number of Crypto ATMs Installed, Signals Crypto Legislation on the Horizon
Meanwhile, Australia has overtaken Asia as the continent with the most crypto ATMs installed, with a total of 364 machines in February 2023. The country has been on a crypto ATM installation spree since the start of the year, consistently adding machines while other leading economies like the US and Europe experienced a decline.
Meanwhile, leaked internal documents from the Treasury Department suggest that crypto regulations and legislation are on the horizon, with consultation papers set to be released in the second quarter of 2023. This news could further boost Australia’s crypto industry, with investors and traders likely to feel more secure under a regulated market. However, final decisions on any crypto legislation are not expected until 2024, meaning there is still some uncertainty for the industry in the short term.
The increase in crypto ATMs is a promising sign for the country’s growing interest in cryptocurrencies, as it provides more avenues for people to buy and sell digital assets with ease, which could ultimately benefit the largest cryptocurrency, BTC.
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