"BTC is falling because I don't have much hope that it will go up in the near future."
The price of cryptocurrency king Bitcoin (BTC) plunged as high as $29,675 in the short term as investors remained concerned about regulatory developments and macroeconomic obstacles that could push the price to slip below $29,000.
Although Judge Analisa Torres announced in a Summary Judgment that Ripple (XRP) is not a security, the court's decision has not definitively determined whether XRP's initial coin offering (ICO) will be classified as a security offering.
As such, the entire crypto market including BTC is likely to face a fall as this lack of clarity can cause investors to feel nervous.
Additionally, Binance laying off 1,000 employees has raised concerns about the future of the crypto exchange following the departure of several key executives and ongoing court action from the Securities and Exchange Commission (SEC).
In fact, the price of BTC was also affected when China's Gross Domestic Product (GDP) growth slowed to 6.3% in the second quarter due to the ongoing trade war with the United States (US) as well as the government's efforts to deal with debt that contributed to the slowdown.
As external factors and pending decisions could negatively impact the two largest crypto exchanges, the possibility of BTC plunging below $29,000 has increased.
By observation, leveraged professional traders have shown high confidence in BTC futures but selling pressure from retail investors in Asia limited the overall upside for the crypto.
So here it can be seen that no specific catalyst can block BTC's potential price rise, apart from worsening macroeconomic conditions and signs of further interest rate hikes by the Federal Reserve (Fed) in 2023.
As of this writing, BTC price has plunged by 0.33% to $30,190 in the last 24 hours with a market cap of $586 billion and has recorded a 1.11% decline over the past week.
