Bitcoin Weekly News – Bitcoin Weekly Updates 2-13-2023

Bitcoin’s recent sell-off was a surprising move for most analysts because the majority was expecting a jump toward $24,000-$25,000 price range before the selling. However, the previous Bitcoin weekly update highlighted the views of a few analysts who were expecting a price drop toward $20,000 before the next upside move.

So, it may be a healthy sign for buyers. However, the following Bitcoin weekly news may provide a better picture of where Bitcoin prices may head in the future.

Bitcoin Regulations

Kraken is one of the leading crypto exchanges that provide trading and other earning opportunities for crypto investors. The Securities and Exchange Commission fined $30 million to this crypto exchange for its staking program. It was one of the major reasons why Bitcoin’s price instantly dropped during the last week.

According to Wall Street Journal, the SEC is now aiming for Paxos. It may damage crypto’s reputation even further. Therefore, most investors are reluctant to buy different tokens at this stage. However, some experts say that it’s a healthy sign that the regulatory decisions are being implemented during a slow market because they can make a huge dent if implemented during a bull market.

With these thoughts, some analysts still believe that Bitcoin’s price will rebound after some accumulation around $20,000 level.

Bitcoin Price Prediction by Pantera Capital CEO

Dan Morehead, the CEO of Pantera Capital, believes that Bitcoin has bottomed out and the next bull market has started. He claims that 2023 will restore the investors’ trust in the crypto market. Although there’s a strong negative sentiment in the market, Morehead believes it’s time to flip the crypto market bullish.

He further claimed that even the fluctuating interest rates won’t make a significant impact on digital assets. He firmly believes that the blockchain market has already hit its lowest point and is now in the next bull market cycle. He said that Bitcoin is ready to make another all-time high. Morehead said that Bitcoin’s price is going to surge by 136% during this seventh bully cycle.

He mentioned that it was the only bull market that absorbed 100% gains of the previous bull market.

IMF Cautions El Salvador Against Trading Bitcoin Bonds

El Salvador is the first country that recognized Bitcoin as a legal tender. The country is gradually increasing its dependence on digital currencies in various segments.

International Monetary Fund (IMF) sent a team of specialists to evaluate the current economic conditions of the country and they’ve come to the conclusion that the country’s dependence on digital currencies may potentially harm its economic strength, economic stability, and financial integrity in the future.

IMF has advised the government to be transparent about its Bitcoin transactions so that the general public could be aware of the potential risks that may appear in the future. The economists say that it’s not just a warning for El Salvador but other countries must also consider it if they’re thinking of recognizing Bitcoin as a legal tender.

Bitcoin has the Potential to Hit $10M – Bitcoin Update by Blockstream CEO

Adam Back, the CEO of Blockstream, has made a seemingly impossible price prediction about Bitcoin. He claimed that by the end of the sixth halvening in 2032 Bitcoin could reach $10 million. But he has linked it to the consistent improvement of Bitcoin wallet infrastructure and layer-2 technology.

In his recent Twitter thread, Adam has tried to describe how Hal Finney’s $10M price prediction for Bitcoin can come true.

Adam said that Bitcoin’s price has the potential to reach $10 million if it continues following its previous trend because Bitcoin’s price has doubled every year since 2013. He also mentioned that Bitcoin will need to hit a market cap of $200 trillion to reach that price point.

He said that it’s possible to achieve those levels if a set of sidechains/drive chains are added to the infrastructure because Bitcoin needs to provide lightning-fast optimization to pave the way for upcoming innovative technologies. He highlighted that only 1-2% of the world population has adopted Bitcoin so far.

And he believes that the current inflation crisis may push more people to invest in Bitcoin because it appears to be a better alternative to traditional investment options. He further added that Bitcoin needs to establish its reputation to displace traditional store of value premiums in gold, real estate, stocks, and bonds. Thus, it can easily reach $10M milestone over the next 10 years.

FED Governor’s Warning About Crypto Prices

Christopher J. Waller, the governor of the Federal Reserve, says that a crypto asset is nothing more than a speculative asset. He said that the crypto prices can easily fall to zero. He supported his claim by stating that the crypto winter has severely harmed retail and institutional investors because many crypto-related firms have filed for bankruptcy.

He strictly warned the banks to set the “anti-money laundering” and “know your customer” requirements if they’re willing to engage in crypto activities.

Conclusion

The present Bitcoin weekly news shows that analysts are still expecting a bull run in the crypto market as long as Bitcoin’s price is above $20,000. Some experts have even shared a long-term analysis of Bitcoin’s price. We invite you to subscribe to our weekly newsletter if you need more information about Bitcoin weekly updates.