Record inflow of stablecoins flood spot exchanges; Is a Bitcoin rally imminent?

The value of Bitcoin (BTC) is facing bearish pressure, with the asset staring at a possible breach below the crucial $20,000 level in the wake of the latest Federal Reserve interest rate hike. 

Timeline of Bitcoin

Despite the macroeconomic headwinds, the Bitcoin price has been holding up far better than the traditional markets in recent weeks. As Bitcoinist reported, Bitcoin showed strength just yesterday once again.

United States-based cryptocurrency mining organization Marathon Digital Holdings mined 615 BTC this October, the highest monthly total in its history. Marathon's October mining production is only one BTC below its production during the third quarter of 2022, when it had produced 616 BTC.

After a brief recovery, the cryptocurrency market has taken a new blow with the recent Federal Reserve rate hike of 75 basis points, and now investors and traders are wondering about the future of its flagship asset – Bitcoin (BTC).

Bitcoin Mining hash rates are important security metrics as they signify the network's overall resistance to malicious attacks. Hash rates also measure a blockchain network's ability to process transactions.

After seizing 194,775 BTC during the infamous PlusToken scam, the Chinese government now owns more Bitcoin than MicroStrategy. About $3.9 billion is the total market value of the Bitcoin holdings.

As the first and primary cryptocurrency to exist, Bitcoin has witnessed different reactions and predictions in the industry. Its advancement over the past years has been above the growth of conventional assets.

Yesterday's FOMC meeting of the U.S. Federal Reserve (FED) brought less volatility to the Bitcoin market than many experts had expected. The Bitcoin price moved in a narrow range during and after the meeting.

The Chinese government currently has more Bitcoin holdings than MicroStrategy as a result of the funds it seized from the PlusToken Ponzi scheme. The post Chinese Gov Bitcoin Holdings Outrank MicroStrategy Despite Crypto Ban appeared first on BeInCrypto.

Bitcoin, Ethereum, and the entire crypto market is often prone to price fluctuations. That's why crypto investors must carefully monitor the market movement to avoid huge losses when prices are low.

Bitcoin price witnessed a correction after the Fed hiked interest rates by another 75 bps, but the BTC price held strongly over $20K. Interestingly, the BTC price has rallied two times from the $20,080 level in a week, making a double bottom.