Bitcoin Price Prediction as FOMC Minutes to Blast BTC Into Bullish Territory
Bitcoin failed to maintain its upward trend on November 23 and fell below $16,650. However, following the release of dovish FOMC meeting minutes, Bitcoin is gaining bullish momentum.
According to FOMC minutes, Fed officials' "Substantial Majority" see rate hikes slowing "soon." Most Open Market Desk survey respondents thought a 50 basis point increase in the federal funds rate target range at the December meeting was the most likely outcome.
Furthermore, an uptrend in Bitcoin was triggered after New York Governor Kathy Hochul signed legislation prohibiting certain bitcoin mining activities powered by carbon-based energy sources.
For the next two years, a proof-of-work mining company will be barred from expanding, renewing permits, or allowing new competitors to begin operations unless it uses only renewable energy. Bitcoin is a proof-of-work (PoW) system in which miners compete to process upcoming transactions. The law aims to reduce and evaluate the environmental effects of the industry.
Moreover, the law would impose a two-year ban on cryptocurrency mining companies seeking licenses to convert state-owned fossil fuel facilities into mining operations. Furthermore, it limits current operations that continue to consume the same amount of electricity.
Mines attempting to use alternative renewable energy sources are unaffected. In a court report detailing her decision, Hochul stated, "It is the first of its kind in the country."
The governor went on to say that it was a move to reduce New York's carbon footprint by cracking down on mining that uses electricity generated by fossil-fuel-burning power plants.
New York City is a popular destination for cryptocurrency miners. Hochul, on the other hand, is willing to lead the state
Read more on cryptonews.com
