Bitcoin Rate Shrink Expected As Major Events Come Closer
TEHRAN (Tasnim) – The Bitcoin (BTC) price is expected to squeeze if the August Consumers' Price Index (CPI) rises further and the collapsed crypto firm FTX gets approval for liquidation.
According to the market analyst with the X, formerly known as Twitter, handle CrypNuevo, the US CPI, scheduled for September 13, might see an upsurge from 3.2% to around 3.6%. This could trigger FUD (fear, uncertainty, and doubt) among investors, which might ultimately initiate a selling pressure.
Moreover, another bearish expectation comes from the possibility of FTX’s liquidation. The bankrupt crypto platform reportedly has roughly $7 billion in physical and digital assets, crypto.news reported.
Per CrypNuevo, there could be a market-wide “bloodbath” if both events, set for Sept. 13, happen together.
It’s important to note that Tron founder Justin Sun has been trying to make an official offer for FTX’s crypto assets to prevent a market crash.
Bitcoin is up by 0.11% in the past 24 hours. It is trading at around $25,800 at the time of writing. The asset’s 24-hour trading volume has also risen by 112.7%, surpassing the $18 billion mark, the report added.