Bitcoin (BTC) price has fallen below the $26,300 level after a period of consolidation. The decline came after the minutes of the Federal Open Market Committee (FOMC) meeting of the Federal Reserve failed to elicit a reaction in Bitcoin. According to the minutes, Fed officials were divided on supporting further rate hikes. Nevertheless, they agreed that inflation remains “unacceptably high” and they expect a “mild recession” later this year.
Bitcoin prices have been hit by fear, uncertainty and doubt (FUD) in the market, limiting their upside.
IRS experts prepare global crackdown on cybercrime
Bitcoin (BTC) price continues to trade in a range following the release of the FOMC minutes. Despite a massive sell-off ahead of the release, likely due to global inflation concerns, the announcement failed to clearly indicate a possible rate hike or pause, leaving Bitcoin price action lackluster. This is not surprising considering that the flagship cryptocurrency also failed to react significantly to the rate hike between May 2-3.
Meanwhile, as Bitcoin advances under the current load amplification device, the Internal Revenue Service Criminal Investigation (IRS-CI) has launched a pilot project where cyber specialists will be deployed on four continents around the world starting in June to combat cybercrime.
The experts will focus on tax and financial crimes committed using cryptocurrencies, decentralized finance (DeFi), peer-to-peer (P2P) payments and coin mixing services, and work with IRS enforcement agencies in Asia, Europe, South America and Australia. They will be deployed in Sydney (Australia), Bogota (Colombia), Frankfurt (Germany) and Singapore for 120 days, ending in September 2023.
To quote IRS Criminal Investigation Director Jim Lee:
To effectively combat cybercrime, we need to ensure our foreign partners have access to the same tools and expertise we have here in the U.S. This summer, four of our most capable agents will deploy to strategic locations across four continents around the world, ensuring we can continue to build relationships and effectively combat cybercrime on a global scale.
Joe Biden a Threat to Bitcoin: Florida Governor Ron DeSantis
In a different but related story, Republican candidate and Florida Governor Ron DeSantis said President Joe Biden is the biggest threat to Bitcoin.
Ron DeSantis tells Elon Musk that Bitcoin will die if Joe Biden is re-elected.
Analysts predict that Bitcoin price could see a near 80% rally after it breaks through the key resistance level of $32,000. Another analyst predicts a massive rally in Bitcoin in 2023, with a rise of 176%.
As Bitcoin prepares to breakout, turn your attention to yPredict, which is in its 6th presale phase, having raised $1.72 million to date. With three weeks left until the next phase, now is the perfect time for early investors to buy YPRED at a discounted price of $0.09.
The above is the content of a news article translated by a professional translator.
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