Bitcoin Is Slipping Back To $24,000

After hitting a nine-month high on Tuesday at over $26,500, bitcoin has now dropped to below $25,000. The biggest cryptocurrency in the world by market value rose just minutes after the U.S. Consumer Price Index data was made public. The indicator indicated a slowing in the rate of inflation. Altcoins are still on the rise, with stacks (STX) leading the way. Within the last day, it has increased 36%. Immutable X, a layer 2 scaling mechanism for non-fungible currencies on the Ethereum blockchain, had a 30% increase in its IMX token.

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The U.S. authorities stated in a document on Tuesday that Binance.US' agreement to pay $1 billion for the assets of insolvent crypto lender Voyager Digital should be put on hold while significant legal challenges are resolved. The action comes in response to a U.S. appeal. The Department of Justice's Trustee division, which handles bankruptcy cases, is concerned that the agreement would essentially acquit Voyager and its employees of any violations of securities or tax laws.

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According to Trade Algo, Anchorage Digital is letting go of 75 employees, or around 20% of its workforce, as a result of the decline in the value of digital assets. The first U.S. federally licensed cryptocurrency bank, Alaska Digital Bank, and its institutional crypto platform parent business informed Trade Algo that the regulatory uncertainties in the country contributed to its decision to lay off employees.

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• The weekly chart of Bitcoin reveals that the digital currency is now again having trouble gaining traction over $25,000, which previously restricted increases in August 2022 and last month.
• Aksel Kibar, a chartered market expert, predicts that a breakout above $25,000 would cause attention to shift to the subsequent barrier at $28,600.
• The immediate heavy resistance at $28,600 following $25,000 poses a problem for BTCUSD, Kibar said. "The optimum condition is to break $25,000 with speed in order to clears $28,600 in one shot.

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