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In the dynamic and ever-changing cryptocurrency market conditions, Bitcoinhave been scrutinized for their recent performance.
The world’s leading digital currency, currently trading at 29,890, experienced a slight drop of nearly 0.25% on Sunday.
However, it is the notable drop in trading volume that has received the most attention, which is now down to $5 billion in less than 24 hours.
In this bitcoin price prediction, we explore the factors contributing to this decline in trading volume and the potential impact it may have on bitcoin’s future price predictions.
moreover, UK Court Accepts Craig Wright’s Appeal Bitcoin rights disputes and expectations surrounding the halving event further complicate the current state of the Bitcoin market.
UK Court Accepts Craig Wright’s Appeal in Bitcoin Rights Dispute
On July 20th, a UK court handed down a significant ruling upholding an appeal allowing Craig Wright’s claim that the bitcoin file format is subject to copyright protection.
Craig Wright He has claimed to be the creator of Bitcoin since 2016. In his complaint, he alleges copyright infringement of the Bitcoin whitepaper, its file format, and database rights related to the Bitcoin blockchain.
Defendants in this lawsuit include 13 Bitcoin Core developers and various companies such as Blockstream, Coinbase and Block.
The decision to allow Wright’s claims to be heard in court has sparked concern not only within the cryptocurrency community but around the world.
of Bitcoin Law Defense Foundation (BLDF) expressed concern about the situation, saying it could set a dangerous precedent for open source software development.
According to the BLDF, allowing developers to be sued for modifying the file format of open source software based on the authorship claims of others poses a serious threat to the principles of collaborative development and innovation in the technology industry.
However, such potential legal disputes continue to create uncertainty and negative sentiment in the cryptocurrency community, influencing the behavior of the BTC market and putting pressure on its value.
Bitcoin Price Falls Amid Anticipation of Halving Event
The drop in BTC price may be due to the upcoming block reward halving event in the next 280 days.
during the 4th reward halving eventthe Bitcoin network block subsidy will be reduced from 6.25 BTC to 3.125 BTC.
A reward halving event takes place approximately every four years and aims to create Bitcoin scarcity by halving the number of new Bitcoins issued to miners.
As a deflationary asset, its limited total supply of 21 million bitcoins is one factor contributing to its value.
This halving event has several implications for miners and networks.
As block rewards decrease, some miners may find their operations less profitable or unprofitable, and miners may leave the network, which may reduce the security and stability of the network.
As demand for transactions increases and Bitcoin becomes more widely accepted, miners may prioritize transactions with higher fees to keep the network secure and profitable.
However, a delicate balance exists as too high transaction fees can make it unusable for everyday users and limit the adoption of Bitcoin as a medium of exchange.
Anticipation and speculation surrounding the halving event also affect market sentiment and prices.
Investors and participants anticipate the impact of the halving on the Bitcoin price, which could increase the attention and pressure on miners.
Bitcoin price prediction
As of Sunday, Bitcoin is showing a lack of volatility, resulting in erratic moves within the trading range.
On the daily timeframe, Bitcoin is confined to a narrow range. Resistance is identified at around $31,400 and support at around $29,600.
The key factor to watch is whether Bitcoin can close out definitively above the $29,600 levels. This is because it could trigger a bullish move for the cryptocurrency.
However, a clear break below $29,600 could find support near $28,450 and a possible downside towards $27,450.
In the case of an upside move, a break above the $31,350 level will set the stage for the next key target near $32,500.
Given these price levels, it is imperative to closely monitor the $29,600 level as a key point of trading activity today.
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