After a long and stagnant period lately, the crypto community is desperately waiting for a strong rise in Bitcoin price. In this context of a bear market, industry insiders are signaling a very soon increase in investment flow into Bitcoin (BTC). With that, there could be an increase in BTC prices, maybe in 2023, if not by the end of the year. Meanwhile, BTC continues to be swayed by negative sentiment coming from the traditional financial market scene.
Incoming bitcoin price rise
In a final, BTC saw a sharp drop in price following reports of another 0.75% interest rate hike at the Fed’s November meeting. Earlier today it was reported that The Fed expects a further interest rate hike at their November 1-2 meeting. In this context, Christine Smith, the executive director of the Blockchain Association, made some interesting comments about the revival of BTC. Speaking to CNBC on Friday, she said there will be an increase in investments and the price of BTC due to the macroeconomic stimulus.
“As we start to see the economy recover, we are going to see investment in Bitcoin increase and subsequently the price. We could see legislation enacted before the end of the year.
On Friday, BTC fell around 2% after speculation of another 0.75% interest rate hike in November. At the time of writing, the price of BTC stands at $19,011, down 1.43% in the last 24 hours, according to price-tracking platform CoinMarketCap.
Will crypto legislation soon be law?
Kristin Smith said Congress is actively working to get the crypto legislation signed into law. She added that the legislation could be enacted before the end of the year. “Congress is actively working on legislation that would provide additional regulation for the underlying cash market for digital products. It actually has a real chance of becoming law before the end of the year.
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