Bitcoin Price Analysis | Bitcoin Price To Hit Local Bottom | PayPal’s Stablecoin PYUSD News |

In this Bitcoin price analysis, we delve into the recent crypto market turbulence and its connection to the global financial landscape. With Bitcoin hovering around the $26,000 mark, we explore whether it's poised to establish a local bottom.

The past week has been rife with volatility in traditional financial markets, sparked by concerns over soaring inflation. US Fed Chair Jerome Powell's remarks at the Jackson Hole event highlighted ongoing inflation concerns in the US economy, prompting worries across various asset classes, including cryptocurrencies.

Notably, Powell indicated that interest rate cuts aren't on the horizon, signaling a potential path for rate hikes to curb inflation. So, what does this mean for Bitcoin?

On August 24, 2023, Bitcoin experienced a significant drop coinciding with Powell's speech, marking one of the largest liquidation events since December 2021. Crypto analyst CrediBULL noted a barrage of calls for Bitcoin to plummet to $20,000, $12,000, and even $10,000, despite no concrete signs of a bearish shift in market sentiment. CrediBULL emphasized that the first critical break in bullish market structure occurs at $24,800. Unless Bitcoin breaches this level, a continued bullish trend may prevail in the coming weeks.

Moreover, the first week of September 2023 holds significant importance for the crypto market, as the U.S. Securities and Exchange Commission (SEC) is slated to provide updates on multiple spot Bitcoin ETF filings, including Blackrock's. Nevertheless, the outcome of this deadline remains uncertain, with potential delays or inconclusive decisions.

In other exciting news, top US crypto exchange Coinbase has included PayPal's newly introduced stablecoin, PYUSD, on its listing roadmap. PYUSD aims to maintain a 1:1 peg with the US dollar and operates on the Ethereum blockchain. It has garnered attention for its commitment to secure and highly liquid backing assets. PayPal users can now seamlessly buy, sell, and convert PYUSD to other cryptocurrencies, like Bitcoin, through the PayPal app and website.

Paxos Trust Company handles the issuance and custody of PYUSD, further solidifying its credibility. While PYUSD has generally maintained its peg, it did briefly dip to $0.979 at one point.

Coinbase's decision to include PYUSD on its listing roadmap aligns with its commitment to transparency and expanding its supported assets, provided they meet the platform's rigorous standards. Coinbase CEO Brian Armstrong emphasizes the importance of the market's role in determining the value and legitimacy of cryptocurrencies, comparing it to the way products are rated and reviewed on e-commerce platforms.

Stay tuned for more insights into Bitcoin's price movement and the latest developments in the cryptocurrency space. Subscribe and hit the notification bell to stay up-to-date with our crypto analysis and news updates.
Bitcoin Price Analysis | Bitcoin Price To Hit Local Bottom | PayPal’s Stablecoin PYUSD News |
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