The bitcoin price forecast remains unchanged, despite the fact that the world’s largest digital asset by market capitalization has been in the news recently due to the increase in its trading volume. with trading volume More than $40 billion has been buzzing with market activity over the past few days, and many investors are wondering what this could mean for the future of bitcoin.
In this update, we will explore the impact of this surge in trading volume on the price of bitcoin and analyze the role played by whales in the current market scenario.
Crypto Fundamentals Outlook: Binance, Kraken and Coinbase
Despite concerns among some crypto traders about a possible regulatory blowout in the near future, a slew of high-profile investors remain unimpressed. Following the temporary suspension of USD deposits and withdrawals by Binance, a crisis situation could arise if any US banks do not step in to provide support.
While there may be more clarity on the situation next week, the recent $30 million settlement Kraken and the US Securities and Exchange Commission (SEC) There is a sudden drop in market prices.
Following the agreement, Coinbase CEO Brian Armstrong issued a warning The SEC could potentially ban crypto staking altogether. Against this backdrop, recent comments from SEC Chairman Gary Gensler suggest that crypto companies will be required to provide full disclosure, supporting the possibility of such actions in the future.
In fact, Gensler even said that compliance with US laws regarding full and reliable disclosure may be the only way for crypto companies to remain viable.
Analysis of the Role Played by Whales
Whales are large investors who hold a significant amount of a particular asset and have the ability to significantly affect the market with their actions. In the cryptocurrency market, the activities of whales can have a significant impact on the price of digital assets, including bitcoin.
Recent data and statistics suggest that the current surge in trading volume may be due to the participation of whales in the market. Analyzing their movements provides valuable insight into market trends and can assist investors in making informed decisions.
Bitcoin whales, individuals holding more than $1 million worth of BTC, took advantage of price drops by buying more at current prices. On-chain data shows that this buying spree was especially high following the collapse of FTX in November 2022.
The behavior of these whales suggests that the negative sentiment surrounding Kraken’s suspension of crypto staking services will be short-lived, and they see an opportunity to buy BTC in bulk below the $22,000 range.
IMF: El Salvador’s “Limited” Bitcoin Use Undermines Projected Risks
The IMF has warned El Salvador to exercise caution in increasing government involvement with bitcoin, as the digital currency’s speculative nature has caused its prices to plummet.
Despite the country’s “limited” use of bitcoin, the IMF emphasized the risks it posed to El Salvador’s fiscal stability, consumer protection, and financial stability.
The IMF highlighted the need to increase transparency in both bitcoin transactions and the financial status of the state-owned Chivo wallet. As the use of bitcoin as legal currency could increase in El Salvador, the IMF advised the country to reconsider plans to issue tokenized bonds, which pose legal and financial risks.
IMF advises El Salvador to avoid issuing tokenized bonds
The IMF has recommended that El Salvador refrain from issuing tokenized bonds due to their legal and financial risks. The statement emphasized the speculative nature of crypto markets and the country’s fiscal vulnerability, highlighting the need for caution in increasing government exposure to bitcoin.
The IMF called for greater transparency in the financial status of the Chivo wallet as well as in El Salvador’s bitcoin transactions.
PayPal Halts Stablecoin Project After Reporting $600M In Crypto Holdings
According to the report, PayPal held $291M of bitcoin and $250M of ethereum, along with an additional $63M in other digital assets like bitcoin cash and litecoin (no breakdown provided). The company noted that a third-party custodial service provider had held these properties in its name for the benefit of its customers.
PayPal identified the uncertain regulatory environment as a risk to its business, citing the unclear legal status of some cryptocurrencies and the potential need for additional licensing due to the evolving regulatory landscape. The company expressed concern that cryptocurrency offerings to its current and future customers could subject it to additional regulatory obligations.
The lack of regulatory clarity in the US has been a growing concern for crypto companies, as seen in the recent enforcement action by the SEC against Kraken, which resulted in a $30M fine for the exchange.
bitcoin price
B T c The price is at $21,810 with a 24h trading volume of $15.3B. It is up 0.45% in the last 24 hours with #1 rank, $420.7B market cap, 19.3M circulating, and 21M max supply of BTC coins.
Bitcoin broke the key support area at $21,875 on Saturday, increasing the chances of a bearish trend in BTC. A bullish break above this level could lead to the next resistance at $22,300 or $22,850.
However, if it fails to decline below the $21,750 level, it could continue to decline towards the $21,200 level. If BTC price breaks below this level, it could decline towards $20,600, which is its immediate support.
bitcoin options
Cryptonews Industry Talk reviews the top 15 cryptocurrencies to watch in 2023 to help you make investment decisions. In addition, there are other high-reward investment opportunities to consider.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
Find the best price to buy/sell cryptocurrency
Bitcoin Crypto Related Post