Bitcoin Price Prediction as $8 Billion Trading Volume Floods In – Time to Buy?
As Bitcoin‘s trading volume surges to $8 billion, many are wondering if it’s the right time to buy, with current Bitcoin price predictions in focus. The cryptocurrency, which is currently trading at $43,000, has seen a slight decrease of nearly 0.50% on Sunday.
This comes amid news from the cryptocurrency trading platform Gemini, announcing the bankrupt company Genesis is proceeding with the sale of its trust assets. Interest in Bitcoin ETFs has been dampened by stringent due diligence processes.
Meanwhile, the US Department of Justice has made headlines by accusing a couple of illegally mining cryptocurrency in a school district, amid wider investigations into the energy consumption of crypto activities. These events collectively paint a complex picture for investors considering Bitcoin’s future price movements.
Genesis Trust Asset Sale Moves Forward
With the goal of making money off of interests in Grayscale Ethereum trusts, cryptocurrency lender Genesis has submitted a motion for asset sale to the U.S. Bankruptcy Court.
Genesis wants to approve the sale of trust assets, such as Grayscale Bitcoin Trust shares, according to Gemini Trust Co.’s confirmation of the move.
Crypto exchange Gemini says bankrupt Genesis moves to authorize sale of trust assets https://t.co/cfT7i2a7i4 pic.twitter.com/lDrUl83kvi
— Reuters (@Reuters) February 3, 2024
On February 8, an expedited hearing is also requested in the motion. Genesis recently offered a liquidation plan to reimburse clients in cash or bitcoin as part of the settlement of an SEC lawsuit regarding its now-defunct Gemini Earn lending scheme.
Depending on the result, asset sales may have a favorable effect on market sentiment and, consequently, Bitcoin prices.
Bitcoin ETFs Face Due Diligence Hurdles
LPL Financial Holdings is slowing the adoption of Bitcoin ETFs with its detailed due diligence, affecting nearly 19,000 financial advisers and $1.4 trillion in managed assets. This review aims to assess the ETFs’ risks and potential before allowing investments.
Companies such as LPL Financial Holdings, one of the largest independent brokers in the United States, are currently reviewing recently approved Bitcoin ETFs to decide whether to offer them to the nearly 19,000 independent financial advisors who manage $1.4 trillion in assets.…
— Wu Blockchain (@WuBlockchain) February 4, 2024
Expected to conclude in three months, this process will scrutinize the ETFs’ performance and sustainability, possibly delaying the anticipated $10 billion inflow into Bitcoin ETFs in their first year.
This cautious approach could impact Bitcoin’s market perception and price.
DOJ Targets Illegal Crypto Mining in School
Two employees of the Patterson Joint Unified School District have been charged by the U.S. Department of Justice (DOJ) for allegedly running a cryptocurrency mining farm on school property, utilizing school resources, and inflating electricity expenses.
It is said that IT director Eric Drabert and assistant superintendent Jeffrey Menge bought expensive graphics cards and mined cryptocurrency on school premises.
Source: justice.go
The accusations against Menge and Drabert include theft, with Menge allegedly stealing between $1 million and $1.5 million and Drabert allegedly stealing between $250,000 and $300,000.
This incident may affect the public’s impression of bitcoin operations as U.S. regulators are closely monitoring the energy usage of cryptocurrency miners.
Bitcoin Price Prediction
Bitcoin‘s current technical landscape underscores a critical juncture, with the cryptocurrency trading around $42,885. The asset’s immediate resistance levels are charted at $43,457, $43,844, and $44,335, delineating potential ceilings for upward movements.
On the downside, support is positioned at $42,535, followed by $41,950 and $41,395, marking pivotal zones for price stabilization.
Bitcoin Price Chart – Source: Tradingview
The Relative Strength Index (RSI) hovers around 48, indicating a neutral market sentiment, while the 50-Day Exponential Moving Average (EMA) at $42,710 slightly supports the current price level.
However, a symmetrical triangle breakout below $42,885 suggests an emerging selling trend, steering the short-term outlook towards bearish beneath this threshold.
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