Bitcoin “Very Unlikely” To Make New Low, Says Analyst as BTC Price Flirts With $25k

Despite displaying an admirable measure of strength year-to-date, Bitcoin has not been off to a good start this month, with the top cryptocurrency losing momentum due to recent market dynamics.

Timeline of Bitcoin

Bitcoin (BTC) and other cryptocurrencies have taken a hit in the wake of recent news regarding Binance, the world's largest cryptocurrency exchange by trading volume. The market has reacted with concern to the disclosure of a complaint against the exchange, which has sparked a wider downtrend throughout the cryptocurrency industry.

Following the company's announcement that it will build a sustainable Bitcoin mining operation in Uruguay, the stablecoin issuer Tether has disclosed its investment in a Salvadoran bitcoin mining operation called “Volcano Energy.

The Bitcoin Ordinals protocol developers have introduced a new upgrade to rectify over 71,000 invalid inscriptions previously untradeable. These inscriptions often result from incorrect usage and were rendered useless and untradeable until now.

A widely followed crypto analyst is issuing a warning that the Bitcoin (BTC) top for 2023 is likely already in. In a new video update, prominent crypto strategist Benjamin Cowen tells his 783,000 YouTube subscribers that Bitcoin's price action in 2023 may be mirroring 2019 when it declined in the second half of the year.

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).

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.