The global market is facing extreme resistance, with the Fed’s latest revealing its decision to halt the consecutive hike rates that continued for 10 months and were debated vigorously. Following the Fed’s hawkish sentiment, the futures rate of interest has risen considerably, currently pricing at a 94% chance of a rate hike of 25 BPS in July. In addition, there is a 10% chance of 3 additional hikes in 2023.
There is an ongoing debate about a recession, and a job report in the US disclosed brand-new jobs for 497,000 employees, which is two times more than Dow Jones anticipated. Interestingly, despite the market uncertainties, the stock market recorded positive gains, including NASDAQ and S&P 500, with 30.8% and 14% gains, respectively.
Is Bitcoin Ready for Another Bull Run?
Coming to the digital market, Bitcoin, which has become a trend-setter, is showing significant signaling and strength, ranging between $29,000 and $31,000, that can serve as yet another accumulation zone right before another bullish market arrives.
Check out BTC price prediction to be updated about Bitcoin and how it successfully survives market uncertainties. Additionally, many trends are quite intriguing to monitor. The trends have historically suggested the beginning of a bullish market, including:
- The correlation between US stocks and Bitcoin continues to fall.
- The rise in the market dominance of Bitcoin compared to other virtual assets.
- Bitcoin network’s computational power continues to increase.
- Long-term HODL users consistently accumulate Bitcoin tokens with a maximum of 0.1 and 1 BTC recorded in their wallets.
- Leading institutional players continue to show their endless commitment to Bitcoin.
Key Developments Indicate Bullish Path for Bitcoin
Valkyrie Resubmits Application for Spot BTC ETF –
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Valkyrie Digital Assets resubmitted the application for a spot in Bitcoin ETF with the U.S. SEC, which joined the ranks of other asset managers, including Fidelity and BlackRock. An asset manager in Tennessee recently disclosed that the platform has partnered with Coinbase to agree on surveillance sharing.
National Assembly of South Korea Passes a Virtual Asset User Protection Act –
This has signaled an initial move by South Korea towards creating a comprehensive and solid legal framework, mandating that the service providers of virtual assets segregate their customers’ funds, maintain reserves in secure cold wallets, get insurance coverage, and maintain records of their transactions.
Kraken Receives Order to Submit User Details to IRS –
The District Court of Northern California has ruled that the prominent crypto exchange, Kraken, needs to furnish substantial client data to the IRS. It will include names, transactional records, and addresses, especially for clients in crypto trades worth $20,000 or more from 2016 to 2020.
Credit Suisse Launches Initiative to Issue NFT to Raise Funds –
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A partnership between the Swiss Football Association and Credit Suisse led to the launch of an initiative to issue NFTs on ETH Blockchain to support the women’s football team. 756 NFTs will be collected, including a digital representation of the Swiss Women’s National players. All proceeds from the NFT sales will be directed to the Swiss Women’s National Team.
Conclusion
As the global market faces headwinds, a few signs signal a bull market for Bitcoin. Additionally, the industry is witnessing positive developments, including Canada’s approval of Bitcoin ETFs and the NFT launch to support women’s football teams financially.
