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BitcoinThe recent price movement has caught the attention of crypto investors and enthusiasts as $230 million worth of BTC was transferred to an unknown wallet by a whale investor. The event has fueled speculation about what the transfer could mean for the price of bitcoin in the near future.
The crypto market has been experiencing significant volatility in recent weeks, and this latest development has added to the uncertainty surrounding BTC’s trajectory.
In this article, we will examine the potential factors that could affect the price of bitcoin and predict where it could go next.
Silvergate Crypto Bank Stock Drops After Financial Viability Warning
Silvergate shares fell nearly 50% In early trading on Thursday the bank announced it was assessing its ability to continue operating. The bank, which focuses heavily on cryptocurrencies, has been hit hard by the recent plunge in digital token prices and the collapse of the firm of Sam Bankman-Fried, which was one of Silvergate’s banking clients.
Silvergate announced Wednesday that it will be unable to submit its annual report to the Securities and Exchange Commission by the March 16 deadline due to a further deterioration in its capital position since its disastrous fourth-quarter earnings report.
The bank said it was “evaluating the impact of these subsequent events on its ability to remain a going concern for 12 months following publication of the financial statements.”
US-listed crypto exchange Coinbase said it was suspending payments from Silvergate “in light of recent developments and out of an abundance of caution.” The exchange said it had “little corporate risk” for the bank and that institutional customer cash transactions would be managed by other banking partners.
The news has contributed to negative sentiment in the crypto industry, which is already struggling due to recent market corrections and regulatory concerns. It remains to be seen whether the Silvergate issue will have a significant impact on the price of bitcoin and other cryptocurrencies.
Visa reaffirms commitment to crypto products despite regulatory scrutiny
Visa’s head of crypto, Ky Sheffield, clarified that reports of Visa and MasterCard slowing down their crypto push were incorrect, at least when it comes to Visa. Despite the challenges and uncertainty in the crypto space, Visa believes that fiat-backed digital currencies running on public blockchains have the potential to play an important role in the payments ecosystem.
Visa has been operating in the crypto space for a while now, with plans to roll out the card to 40 new countries. However, things have slowed down recently, especially after it terminated a global credit card agreement with failed crypto exchange FTX in November.
Nevertheless, Visa filed new trademark applications in October, hinting at possible plans for a crypto wallet and a Metaverse product.
currently, Bitcoin It is priced at $23,411 with a 24-hour trading volume of $24.9 billion. According to Coinmarketcap, Bitcoin holds the top position with a live market cap of $451 billion, and it has a total volume of 21,000,000 BTC coins 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 failed to overcome. As a result, BTC experienced a bearish correction and it could potentially decline towards the $23,250 or $22,800 support. In case this support fails, the next level of support is expected to be near $22,150.
Even though the BTC/USD pair is currently in an oversold condition, there is still room for a potential rally. If this trend continues, it could cause bitcoin to break the $23,500 resistance and possibly reach the price of $24,250.
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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