Bitcoin price today: Trading around the threshold of 29,300 USD

The virtual currency market reversed, simultaneously increased slightly. Specifically, ETH increased by 0.66%, XRP increased by 0.83%, BNB increased by 0.4%, ADA increased by 0.88%, SOL increased by 7.9%... Particularly, DOGE coin decreased by 5.09%.

The total market capitalization was recorded at 1,180 billion USD.

Bitcoin seems to be slowing down, moving sideways around the $29,300 mark after the Fed decided to raise interest rates by 25 basis points (0.25%). The reference interest rate in the US is currently around 5.25-5.5% - the highest in 22 years. To date, this agency has increased interest 11 times since March 2022, in order to cool down inflation, which is still double the target.

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Bitcoin is currently trading around $29,200 and the 100 hourly simple moving average. Additionally, there is a major bullish trend line forming with support near $29,250 on the hourly chart of the BTC/USD pair.

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Currently, investors are turning their attention to the event that Binance withdraws its license application in Germany. The move shows that the world's largest cryptocurrency exchange is rethinking its expansion plans amid a regulatory stance that is troubling the industry.

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Last month, German regulators said that they would not grant Binance a crypto custody license.

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A spokesperson for Binance said: "Binance has confirmed that the owner abruptly withdrew his application with BaFin (German financial regulator.) The situation, both in the global market and regulatory, has changed dramatically. tell".