Why Bitcoin Price, Volumes Will Soon Rise

After a long and stagnant spell in recent times, the crypto community is desperately awaiting a strong Bitcoin price rise. In this context of a bear market, industry insiders are pointing to a rise in investment flow into Bitcoin (BTC) very soon. With this, there could potentially be a resultant BTC price rise, perhaps sometime in 2023 if not by the end of the year. Meanwhile, BTC continues to be swayed by negative sentiments coming from the traditional financial markets scene.

Bitcoin Price Rise Incoming

In a latest, BTC had a sharp fall in price following reports of yet another 0.75% interest rate hike in November Fed meet. Earlier in the day, it was reported that The Fed is planning on another interest rate rise at their meeting between November 1 and 2. In this context, Kristin Smith, the executive director of Blockchain Association, made some interesting comments on BTC revival. Speaking to CNBC on Friday, she said there will be a rise in investments and the price of BTC due to macroeconomic revival.

“As we start to see the economy come around, we are going to see the investment in Bitcoin rise and subsequently the price. We could see legislation signed into law before the end of the year.”

On Friday, BTC saw a drop by around 2% after speculation of another 0.75% interest rate hike in November. As of writing, BTC price stands at $19,011, down 1.43% in the last 24 hours, according to price tracking platfrom CoinMarketCap.

Crypto Legislation To Be A Law Soon?

Kristin Smith said the Congress is actively working on signing the crypto legislation into a law. She added that the legislation could be signed into a law before the end of the year. “The Congress is actively working on legislation that would provide additional regulation for the underlying digital commodity spot market. This actually has a real chance of becoming a law before the end of the year.”

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.