<p>Market picture</p><p>Bitcoin
spent most of Wednesday in a shallow corrective mode, pulling back to $22.3K.
However, with the start of active trading in New York, optimism returned to the
equity markets, pushing BTC to $23.7K by the end of the regular session. We saw
renewed pressure and a pullback to the $23.0K level on Thursday morning.</p><p>Yesterday’s
decline can be seen as a technical correction from the momentum from January
19th, paving the way to $25.0K. However, it is more likely that the renewal of
the six-month highs was a false breakout, as trading has been predominantly in
the $22.7-23.3K range since Saturday, reflecting the continued profit-taking.</p><p>The
cryptocurrency’s market cap has returned to the $1.05 billion level, where it
has spent most of its time since January 21st.</p><p>News background</p><p>Twitter
analyst Trader_J called Bitcoin’s continued rise a manipulation. He speculates
that most of the BTC in the current rally has been bought using BUSD, Binance
stablecoin.</p><p>South Korean
authorities have issued an arrest warrant for the head of the country’s
second-largest cryptocurrency exchange, Bithumb, who is accused of manipulating
the share prices of the exchange’s subsidiaries and embezzlement.</p><p>According to
SEC Commissioner Hester Pearce, participants in the cryptocurrency community
and regulators should learn from the problems faced by the crypto industry in
2022. However, she noted that the challenges faced could be beneficial in the
future.</p><p>Attorney
John Deaton, who represents XRP owners, said a final hearing on the LBRY platform
would occur in New Hampshire on 30 January. The event, he said, is significant
for the industry: a final victory for the SEC would mean that all secondary
market transactions in digital assets could be deemed illegal in the US.</p><p>This article was written by <a target=“_blank“ href=“https://www.fxpro.com/“ rel=“follow“ target=“_blank“>FxPro</a>’s Senior Market Analyst Alex
Kuptsikevich.</p>
spent most of Wednesday in a shallow corrective mode, pulling back to $22.3K.
However, with the start of active trading in New York, optimism returned to the
equity markets, pushing BTC to $23.7K by the end of the regular session. We saw
renewed pressure and a pullback to the $23.0K level on Thursday morning.</p><p>Yesterday’s
decline can be seen as a technical correction from the momentum from January
19th, paving the way to $25.0K. However, it is more likely that the renewal of
the six-month highs was a false breakout, as trading has been predominantly in
the $22.7-23.3K range since Saturday, reflecting the continued profit-taking.</p><p>The
cryptocurrency’s market cap has returned to the $1.05 billion level, where it
has spent most of its time since January 21st.</p><p>News background</p><p>Twitter
analyst Trader_J called Bitcoin’s continued rise a manipulation. He speculates
that most of the BTC in the current rally has been bought using BUSD, Binance
stablecoin.</p><p>South Korean
authorities have issued an arrest warrant for the head of the country’s
second-largest cryptocurrency exchange, Bithumb, who is accused of manipulating
the share prices of the exchange’s subsidiaries and embezzlement.</p><p>According to
SEC Commissioner Hester Pearce, participants in the cryptocurrency community
and regulators should learn from the problems faced by the crypto industry in
2022. However, she noted that the challenges faced could be beneficial in the
future.</p><p>Attorney
John Deaton, who represents XRP owners, said a final hearing on the LBRY platform
would occur in New Hampshire on 30 January. The event, he said, is significant
for the industry: a final victory for the SEC would mean that all secondary
market transactions in digital assets could be deemed illegal in the US.</p><p>This article was written by <a target=“_blank“ href=“https://www.fxpro.com/“ rel=“follow“ target=“_blank“>FxPro</a>’s Senior Market Analyst Alex
Kuptsikevich.</p>
This article was written by ForexLive at www.forexlive.com.