Bitcoin, a type of digital money, is facing some problems and getting support from big investors. Right now, it’s worth about $34,901, which is a little less than before.
The US Securities and Exchange Commission (SEC) is having trouble finding people who know a lot about cryptocurrencies to work for them. The SEC has rules that stop its workers from owning cryptocurrencies, and that’s making it hard to find new workers who understand digital money. The SEC is also taking action against some people and companies in the crypto world, like Justin Sun and Do Kwon, and companies like Gemini, Genesis, Binance, and Coinbase.
Bitcoin is having more and more people trying to use it, which is causing a big traffic jam in its system. This is making the fees for using Bitcoin go way up, by about 4,000%. Some recent events made a lot of transactions happen in a short time, making the system even busier.
Even with these issues, a famous investor, Cathie Wood, still thinks Bitcoin is better than things like gold and regular money. She believes in Bitcoin even if the economy gets weaker.
For people who trade Bitcoin every day, the price is now around $34,990, with some places where the price might go up or down. If it goes up, it might reach $36,051 or even $37,018. If it goes down, it might go to $34,693, and then possibly to $33,281 or $32,481.
Experts who look at how the price changes think it’s a little likely to go up, but not too much. They also see signs that the price might go up soon, based on how it’s been in the last 50 days.
This shows that while Bitcoin has some issues, there are also people who still believe in it, and some signs that its price might go up.
This information is not legal advice. Do your own research before making any decisions. Only invest what you can afford to lose and seek independent financial advice if needed. Understand the risks involved before purchasing any cryptoassets.