Bitcoin (BTC) is trading sideways at $22,650, with a trading range of $23,580-$22,250. Despite today’s rise of +2.32%, the price is moving in consolidation and struggling to find specific momentum. Several recent incidents have impacted BTC, including Tesla’s sale of $930 million worth of Bitcoin. Additionally, the decline in whale activity on the BTC network also played a role in sustaining the decline in BTC.
ECB Bitcoin Rate Decision Weights
According to reports, news of a possible rate hike by the European Central Bank has caused BTC to decline. To allow for future interest rate adjustments at Governing Council meetings, the ECB raised the interest rate by 50 basis points. After the ECB made its statement, the bears now had control of Bitcoin and the price of BTC went down. At the next meeting of the Governing Council, the ECB will normalize interest rates. Meanwhile, bitcoin is struggling to find a specific direction and is holding at $22,000.
Galaxy Digital CEO Mike Novogratz remarks on BTC
On July 22, Mike Novogratz, the billionaire founder and CEO of Galaxy Digital issued the warning. According to him, making more than 200 times the returns on cryptocurrency investments is “not normal”. He said the excessive gains seen in the cryptocurrency market are unsustainable and unrealistic. He was shocked that his friends did not make much money in the past but now have a net worth of $5 million in cryptocurrency due to large cryptocurrency investments.
He says, “Not everyone is cut out to be an investor.” He thinks this way because he knows that greed too often takes the form of rational thought and causes losses. Since Novogratz is well known and many crypto investors follow his advice, his statements on the cryptocurrency market were enough to resist the rise of BTC on Friday.
Mercado Bitcoin is ready to do business in Mexico
According to CEO Reinaldo Rabelo of Mercado Bitcoin, Brazilian cryptocurrency exchange Mercado Bitcoin may start doing business in Mexico this year. However, the company was seeking regulatory clearance to start operations in Mexico. This news could have a significant impact on the value of bitcoin and cause uncertainty among BTC investors.
If Mexican financial regulators approve their expansion, the price of bitcoin may rise, but if they reject it, the price may fall. However, it seems that the news did not have an impact on BTC.
BitBase expands its Bitcoin ATM network
BitBase, a Spanish cryptocurrency exchange, has decided to increase the number of Bitcoin ATMs installed inside and outside Spain. BitBase intends to open its first site in Paraguay, the South American country’s first and only physical cryptocurrency exchange store, before expanding to other Latin American countries. .
The company’s first real physical platform for buying and selling cryptocurrencies outside of Spain opened in Lisbon, Portugal in late January. As a result, the company is expanding its Bitcoin ATM network. This news increased the upward pressure on BTC.
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