Long-term Bitcoin holders, those who kept their coins for over 155 days, have significantly ramped up selling. Historically, this activity suggests the market may have peaked and could be due for a correction soon, Coinlive reports.
Germany's Federal Criminal Police Office, in cooperation with Dutch law enforcement, conducted a raid to dismantle the illegal cryptocurrency exchange known as eXch. During the search and seizure, assets worth 34 million euros (nearly $38.15 million) were confiscated.
A successful resolution of tensions between China and the US could push bitcoin to new highs, especially if the deal leads to a weaker dollar, Coinotag notes.
U.Today reports that the Bitcoin dominance index has risen to an important level of 65.09%. The leading cryptocurrency has further underscored its leadership in the market.
On Wednesday, Bitcoin rose amid news of upcoming trade talks between the US and China. The flagship cryptocurrency hit $97,731, but its rally slowed afterward, according to Bloomberg.
According to Crypto News Land, Kyrgyzstan has partnered with Binance to advance digital finance initiatives. Binance Pay will enable nationwide cryptocurrency payments for businesses and users, leveraging blockchain technology to enhance financial inclusion.
Florida’s attempt to invest state funds in Bitcoin has failed. Bills HB 487 and SB 550, which would have allowed up to 10% of government reserves to be allocated to the cryptocurrency, were withdrawn without a vote after the legislative session ended in early May.
The United States keeps working on the cryptocurrency market regulation. Based on the Financial Innovation and Technology for the 21st Century Act (FIT21) approved by the House of Representatives during the last session, a new document has been introduced.
Michael Saylor, the founder of MicroStrategy, is once again predicting a major deal in the bitcoin market. Right after the firm's first-quarter earnings report, he published a BTC crypto portfolio tracker, which traditionally signals a new token purchase by the company.
US Senator Elizabeth Warren is calling out the proposed stablecoin regulation bill (GENIOUS Act), arguing that its approval could personally enrich President Donald Trump and his family.
The Maldives, known for its luxury resorts, could become a new financial hub for blockchain technology, CoinDesk reported.
Bitcoin is the first and most commonly used cryptocurrency in the world. It holds a prominent place in the digital economy and draws the attention of traders and investors. High volatility and a wide range of influencing factors make the forecasting of its price complicated and requiring complex analysis.
Successful bitcoin trading is based on analyzing market trends, fundamentals, and technical factors.
Key elements that determine the value of bitcoin include:
Major investors and funds also have a considerable impact on the movement of bitcoin prices. Their massive purchases or sales can cause sharp fluctuations in the exchange rate. In addition, the general sentiment in the crypto market determines the dynamics of BTC, creating periods of high activity and deep corrections.
Forecasting the price of bitcoin is a complex task, as it is formed under the influence of many factors. Successful trading strategies and investment decisions require a thorough analysis of the macroeconomic situation, politics, and investor sentiment.
