Bitcoin Takes a Sharp Turn as it Touches the Ground at $25.5K! Is the Bearish Phase Coming for BTC Price?

Due to recent market conditions, the BTC price has taken a sharp bearish turn, touching the ground at a staggering $25.5K. The trigger for this massive decline was the recent lawsuit faced by Binance, one of the world's largest cryptocurrency exchanges, against the U.S. Securities and Exchange Commission (SEC).

Timeline of Bitcoin

USDT issuer Tether has invested in El Salvador's $1 billion Volcano Energy, paving the way for developing one of the world's largest Bitcoin mining farms powered by renewable energy.

A public-private partnership in El Salvador will pump $1 billion into creating one of the world's largest bitcoin mining farms, the group called Volcano Energy announced on Monday.

Franklin Templeton, one of the world's largest asset managers with over $1.5 trillion in assets under management, plans to invest heavily in Bitcoin as well as its underlying technology.

The cryptocurrency ecosystem is seeing a rapid fall after the latest bombshell featuring the lawsuit filed against the world's largest crypto trading platform Binance by the United States Securities and Exchange Commission (SEC). The news has unsettled the market with Bitcoin (BTC) price recording a sharp drop of 6.21% as it fell to $25,943.88.

El Salvador is embarking on an initiative to establish a renewable energy power generation park in the Metapán area, aiming to become a center in the global bitcoin mining industry.

In the wake of Asia's trading day, the cryptocurrency market showcases a subtle yet noteworthy shift. Bitcoin has experienced a modest 0.1% increase, reaching $27,109, while Ether has seen a slight dip, settling at $1,890.

El Salvador continues its dedication to becoming a global leader in the Bitcoin mining industry through the development of its ambitious Volcano Energy project. The country plans to add 241 MW of renewables and 1.

Detroit-based Benzinga, a media and data provider bridging the gap between retail and institutional investors, sent its team to Miami, Florida, for Bitcoin 2023. During that time, Benzinga sought to recognize the innovation in digital assets broadly and spoke with founders, investors, and others.

Quick Take A futures contract is an agreement between two parties to buy or sell an asset (in this case Bitcoin) at a predetermined price at a specific future date. These are used for hedging risk or speculating on price changes.

More than 92% of the total amount of Bitcoin (BTC) has been mined as of today. But ChatGPT is predicting what will happen when the halving cycles end and supply is eventually exhausted.