Bitcoin has been facing stagnant prices while news continues to be unpredictable. There are several announcements of dates in the coming weeks, starting on Wednesday, the 12th with the inflation rate numbers. Many analysts believe Bitcoin may break towards the downside, as they are watching for the 200 weekly moving average. The moment Bitcoin crosses this major resistance, bulls will have the upper hand, but a massive rejection and downwards break will put Bitcoin back at the two-week moving average. Europe has urged to reduce its dependence on the US dollar, and many believe money is flowing out of the US and into cryptocurrencies. The SEC is reviewing communications with JP Morgan about Ripple after a year-long Freedom of Information Act request.
Europe Must Reduce Its Dependence on the United States, Macron Says on His Flight Back from China
It seems like we’re in the craziest spot right now, with all the news surrounding Bitcoin and cryptocurrencies. While the Bitcoin price has been on a break, all eyes are on the upcoming U.S. inflation rate event. The U.S. inflation numbers will be released on Wednesday, July 12, followed by the FOMC minutes. The consensus around the market leans towards a massive move towards the downside, with analysts watching for the 200 weekly moving average. If Bitcoin crosses this major resistance, then it’s most likely a bull market. If Bitcoin gets a massive rejection and breaks towards the downside, then it’s going to be a bear market.
The breaking dollar hegemony and the increasing number of countries opening up to cryptocurrencies are leading the world towards hyper Bitcoinization. With Europe talking about reducing its dependence on the United States, it seems like a lot of money is flowing out of the US dollar and into cryptocurrencies. Many countries are joining the race towards worldwide Bitcoin adoption, and this is reflected in the increasing number of contracts and customers being signed.
The SEC is reviewing its communications with JP Morgan about Ripple, going back to August 2022. Ashley Prosper filed a Freedom of Information Act request demanding disclosure of any communications between the SEC and JP Morgan about Ripple. Although she alleges that some private companies influenced the SEC’s decision to go after Ripple in December 2020, all efforts to have the SEC release the documents have yielded no positive results.
In conclusion, while the news surrounding Bitcoin and cryptocurrencies can be overwhelming, it’s essential to keep updated with the latest trends and events. It’s important to stay informed about inflation rates, market movements, and new developments in the crypto world. It’s also important to keep an eye on the legal battles involving Ripple that could impact the direction of the market. Understanding the current state of affairs around Bitcoin will help investors make informed decisions that can lead to success in the market.