The BTCUSD price rose slightly on Wednesday and Thursday morning as more revelations of FTX collapse emerged. Bitcoin Signal
Bitcoin rose to $16,500, which was slightly above this week’s low of $15,477. It remains substantially lower than this month’s high of $21,500.The main catalyst for the BTC/USD price in the past few weeks has been the collapse of FTX, the second-biggest crypto exchange in the world. The firm, together with its sister company, Alameda Research, filed for bankruptcy earlier this month.
Therefore, there have been calls for tighter regulations in the industry. In a statement, Senator Elizabeth Warren compared cryptocurrencies to the subprime crisis that led to the collapse of the housing market in 2008. Similarly, New York’s attorney general asked congress to prevent retirement companies from investing in Bitcoin and other digital coins. Such a move will likely have an impact on crypto demand in the future. Other policymakers like Janet Yellen have called for strict crypto regulations.minutes. The minutes showed that many Fed officials favored lower rate hikes going forward. In that meeting, the bank decided to hike interest rates by 0.75% for the fourth straight meeting.
The price was also along the descending trendline shown in blue and at the 25-day and 50-day moving averages.
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