As the Federal Reserve announces its interest rate decision, many investors are looking to the future of Bitcoin and asking: can BTC reach $30,000 this month?
The Federal Reserve announced on Wednesday that its key short-term interest rate would go up by a quarter point, which was less than the previous 0.5-point increase in December. This decision showed that inflation is not as high as it was before and is decelerating.
After their two-day meeting, the Federal Reserve reported that inflation has decreased slightly but is still relatively high. The central bank seems disinclined to indicate that their effort to combat inflation is winding down, even as they weigh the advantages of the initiative against increasing recessionary threats.
Bitcoin has experienced a notable decline in value in the past few days, leading investors to ask if it’s currently the best time to purchase this cryptocurrency. Currently, Bitcoin is trading within a range from $22,700 – $23,850 and the outcome of this range will indicate how the market is likely to respond.
In this article, we will take a look at the potential reasons behind Bitcoin’s recent drop in price, and analyze whether it is a viable option for investing at the moment.
US Government Issues Blacklist Of Bitcoin And Ether Addresses Linked To Sanctions Evasion Efforts
OFAC, the US Treasury Department’s monitoring body for sanctions compliance, has put a Bitcoin and an Ethereum address on its “blacklist” as it believes that these addresses have been used to evade sanctions.
A press release revealed that Igor Zimenkov and his son Jonatan were part of an expansive network of people and organizations attempting to export defense technology to foreign countries. Jonatan Zimenkov, a Russian citizen, was connected to two addresses associated with both his father and Rosoboroneksport OAO.
Rosoboronexport is a Russian state intermediary that deals with arms exports – according to the company website. According to a press release from the Office of Foreign Assets Control (OFAC), Igor and Jonatan Zimenkov were in direct contact with organizations that are subject to economic sanctions from Russia.
Rosoboroneksport has made multiple transactions concerning Russian cyber safety and helicopter sales to foreign nations, and has personally interacted with potential customers to help in the sale of Russian military equipment.
At the time of writing, neither the Bitcoin nor Ether address had any digital currency. The Bitcoin address, which did not hold more than 0.01 BTC (valued at approximately $230 as of that time) was last utilized in December 2022. This specific Ethereum address has seen a substantial amount of ETH move in or out in the past, but hasn’t had any activity for almost a year.
Last November, an ether address received funds from an address identified by Arkham Intelligence as a wallet that is actively involved in Over The Counter (OTC) trading. This is quite intriguing to note. Alameda Research, the trading firm established by FTX originator Sam Bankman-Fried, previously transferred money to that address.
Bitcoin Price
As of now, the value of Bitcoin stands at $23,052.37 with a daily trading volume of $22 billion. In the last 24 hours, it has seen a decline of 0.33%. It currently holds the highest position on CoinMarketCap and has a market capitalization of $444 billion.
The 4-hour BTC/USD exchange rate chart has been having difficulty in surpassing the $24,000 barrier recently. It has since dropped to test the support level of $23,000.
According to the 4-hour timeframe’s 50-day moving average, a support of $23,000 has been established for the Bitcoin price. If it falls below this level, it could potentially drop to either $22,600 or even lower at $22,350. This may also trigger a bullish reversal in BTC/USD pair.
Investing in buying positions with prices over $23,000 and a target of either $23,550 or $24,000 could be considered beneficial. However, if the price drops below the support zone at $23,000 then selling positions might be more profitable.
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Bitcoin Alternatives
CryptoNews recently released a list of the most probable crypto investments that could give you good returns in 2023. If you are considering investing, it is important to do your research carefully and look for other great options that might generate higher returns.
Crypto enthusiasts are always on the lookout for the latest news and trends in the digital asset space, so that they can identify any possible opportunities they might want to invest in. They pay special attention to altcoins and Initial Coin Offerings (ICOs) to make sure they stay ahead of the curve.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
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