The cryptocurrency market is already experiencing a crypto winter. Amidst this, the top crypto news today has faced some important updates. Additionally, these updates seem to hold an impact on the Bitcoin price (BTC Price) in 2023 alongside other altcoins and stablecoins.
Top Crypto News Today: 5.7 Million User Details Compromised From Gemini Exchange
As the report goes, the most prominent cryptocurrency exchange, Gemini has undergone a data leak. They suspected that more than 5.7 million users’ data had been compromised in the hack. An official has also mentioned that this has happened only as a result of a supplier incident. The hackers have been successful in attacking the database containing customers’ email addresses and phone numbers.
US Federal Reserve Declares Hiked Interest Rates
The US Federal Reserve has lately declared an interest rate hike. The hike was 50 basis points and was a Top Crypto News Today. This incident comes after a trail of the interest rate rise of 75 basis points. This had been officially published all throughout the year. Nevertheless, a lower interest rate has already been expected by many people as Jerome Powell, the Federal Reserve Chair announced that the rate hikes would be lowered this December. At the time of writing, the crypto market has negatively received this announcement.
The Crypto Market Plunge
On Thursday morning, the cryptocurrency market had already gone red. Over the past day, the cumulative market cap is down by 1.07%. That said, this dip has been registered in comparison to the rates that the US Federal Reserve System has raised. The global crypto market cap currently stands at $861 billion. The 24-hour trading volume is simultaneously down by 13% and currently stands at $45.8 billion.
The following is a list of the trending cryptocurrencies, the top gainers and losers for today, as per CoinMarketCap.
Bitcoin Price Forecast 2023
According to Forbes, Bitcoin (BTC) is ending 2022 at around $22,777.69 ($16,800 USD). This is down from $26,440.44 ($19,500 USD) from the evening of the FTX crisis. Bitcoin will likely fall if things go wrong from the FTX bankruptcy. CEO of Ark Invest and a well-known Bitcoin advocate, Cathie Wood has acknowledged that owing to the FTX bankruptcy, large financial institutions might decline to associate with crypto.
BTC’s reputation has been badly tarnished by the crises and scandals of 2022, so another leg downward to $13,559.20 ($10,000 USD) is not impossible in the Bitcoin price 2023. Strategists forecast Bitcoin’s price decline by analyzing its production cost in the Top Crypto News Today. The JP Morgan team reported in a note,
“At the moment, this production cost stands at $20,339.18 ($15,000 USD), but it is likely to revisit the $17,630.80 ($13,000 USD) low seen over the summer months.”