In a recent interview with BE[IN]CRYPTO, StormGain exchange’s crypto expert Dmitry Noskov offered reasons for the recent Bitcoin (BTC) price decline. He also predicts when it could reach $30,000.
According to Noskov, the Federal Reserve’s interest rate policy is the main driver of the Bitcoin price. Rising rates cause investors to move money from crypto to dollar assets.
Regulators Choke Prices With Heavy-Handed Approach
The expert commented:
“Market participants expected the Fed to ease rate hikes after US inflation fell to 3% in June. The bank later dashed that expectation by increasing rates to 5.25-5.5% at its July meeting. It also committed to increasing rates until inflation drops to 2%.”
Also weighing down crypto prices are the US Securities and Exchange Commission’s (SEC) recent enforcement actions against crypto firms.
- The agency sued US crypto exchange Coinbase and Binance, the world’s largest trading venue.
- After losing a case against Ripple Labs, the SEC appealed a ruling that crypto assets sold over exchanges did not fit the definition of an investment contract and hence were not securities.
- In addition, the agency published a list of cryptocurrencies it considers securities. Among those listed are popular assets Solana and Cardano.
Bitcoin Will Not Sustain Rally Above $30,000
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Noskov also said that, given current market conditions, Bitcoin’s price may exceed $30,000 by year-end. However, even if Bitcoin exceeds the psychological threshold before then, it is unlikely to sustain a rally.
“Considering Bitcoin’s recent market dynamics and $26,000 price point, the largest cryptocurrency is unlikely to see more than temporary jumps in value.”
Earlier this year, the editorial staff of BE[IN]CRYPTO published several expert predictions on the price of Bitcoin at the end of 2023.
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