BitcoinBitcoin, the world’s leading cryptocurrency, has seen a sharp rise in its price in recent days with a 2.2% increase. The sudden spike has reignited discussions about bitcoin’s future trajectory and prompted investors to reevaluate their positions.
In this article, we will examine the reasons behind the recent rally and analyze the possible implications for the bitcoin price in the coming days.
Kraken Signature will reduce bank usage, Bloomberg reports
Crypto exchange Kraken is reportedly reducing the use of Signature Bank, a crypto-focused bank, for some of its most important financial operations, continuing a trend of crypto exchanges moving away from specific banks.
According to an email reviewed by Bloomberg, non-corporate Kraken customers will no longer be able to deposit or withdraw dollars using Signature Bank. Deposits will be liquidated on March 15, followed by withdrawals on March 30. Kraken cited the revision of Signature as the reason for the change.
Kraken and Signature Bank did not respond to CoinDesk’s inquiries for confirmation or additional comment. LedgerX, a crypto derivatives trading platform, also announced earlier this week that it would stop using Silvergate Bank to receive domestic wire transfers and switch to Signature Bank instead.
In December, Signature Bank announced its decision to reduce its exposure to the cryptocurrency business, though not eliminate it completely.
Inconsistent claims on Binance’s loss of $1.8B USDC raise concerns
Binance, one of the world’s largest cryptocurrency exchanges, has been under scrutiny due to inconsistent claims regarding the loss of $1.8 billion worth of the USDC stablecoin. The controversy has raised concerns among investors, with many questioning the transparency and credibility of the platform.
On August 17, 2022, Forbes reported that $1.78 billion in collateral allocated to support stablecoins, specifically b-USDC, a wrapped version of Circle’s USDC, was moved out of Binance wallets I went.
According to a Forbes analysis of blockchain data, which has not been challenged by Binance, $1.2 billion of this collateral was transferred to trading firm Cumberland DRW, while the rest was sent to entities such as the now-defunct hedge fund Alameda. Research, Tron founder Justin Sun, and crypto infrastructure and services provider Ember Group.
Economic Events to Watch for Thursday
There are several economic events to watch for Thursday, March 2. The European Union will release its CPI flash estimates year-over-year, which is expected to be 8.3% for overall CPI and 5.3% for core CPI. In the United States, the unemployment claims report will be released at 1:30 p.m. ET with an estimated 196,000 claims.
Reserve Bank of New Zealand Governor Orr will speak at an undetermined time, and FOMC Member Waller will also speak at 9:00 p.m. These events can have an impact on the financial markets and should be closely monitored by investors.
bitcoin price
This time, BitcoinThe price is $23,411 with a 24-hour trading volume of $24.9B. Coinmarketcap currently ranks Bitcoin at the first position with a live market cap of $451 billion. The total amount of BTC coins is 21,000,000 with a circulating supply of 19,305,393 BTC coins.
On the 4-hours chart, bitcoin faced resistance at the crucial $23,750 level, which it struggled to break. As a result, BTC price witnessed a bearish correction and it could decline towards the $22,800 support. If this support fails to hold, the next level of support could be found near the $22,150 level.
Despite the oversold condition of the BTC/USD pair, a rebound is likely if this condition persists. As a result, bitcoin could break the $23,500 resistance and potentially reach the price of $24,250.
bitcoin options
For investors interested in buying bitcoin, it may be worthwhile to explore other options that offer greater growth potential in the short term. Cryptonews conducts an in-depth analysis of the top 15 cryptocurrencies investors should consider for 2023. Click below to know more.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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