Bitcoin Price Prediction: Tether Discontinues USDT Support, Cryptonews

Bitcoin's price has declined due to Tether's decision to stop supporting USDT on the Bitcoin blockchain, potentially impacting market volatility and deterring businesses from accepting Bitcoin. Elon Musk's sale of BTC holdings is also a contributing factor.

Bitcoin (BTC), the largest cryptocurrency in the world, has been experiencing a downward trend in recent months. Its price has dropped from $28,000 to around $26,220 today. This decline can be partly attributed to Tether's recent decision to stop supporting USDT on the Bitcoin blockchain.

Tether, the leading stablecoin, has made a strategic change by discontinuing support for USDT on Bitcoin, Kusama, and Bitcoin Cash. This decision was made due to low usage and security concerns. While users will still be able to redeem their USDT for a year, Tether will no longer mint USDT on these platforms. They are also exploring collaborations with RGB for future USDT issuance on Bitcoin's layer-2 and 3.

This change in Tether's strategy could have a significant impact on the Bitcoin market. USDT is widely used in cryptocurrencies, and its decreased availability on the Bitcoin Omni layer might result in lower liquidity and trading. This could fuel uncertainty and potentially put downward pressure on Bitcoin's price.

In addition to Tether's decision, other factors contributing to the decline in Bitcoin's price include Elon Musk's sale of his BTC holdings and broader sell-offs in the market. Traders are speculating that Musk might hint at a new investment, which could further impact Bitcoin's price.

Looking at Bitcoin's price prediction, there is a possibility of a bullish correction in the near future. Indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) suggest that a corrective bullish movement could occur if the price remains above the $26,200 level. However, there are significant support and resistance levels at $25,600, $26,800, and $27,200 that could influence Bitcoin's price movement.

It is important for investors to stay informed about the latest developments in the cryptocurrency market. Exploring the top 15 cryptocurrencies to watch in 2023 can provide valuable insights and recommendations from industry experts. However, it is crucial to remember that investing in cryptocurrencies carries considerable risk, and thorough research should always be conducted before making any investment decisions.