Arslan ButtBitcoin has failed to halt its declining rally, falling below $22,000 by nearly 4% in the last 24 hours, triggered by news that crypto exchange giant Kraken had agreed to shut down its cryptocurrency staking operations to settle charges with the US Securities and Exchange Commission (SEC). This, in turn, has a negative impact on the cryptocurrency market, contributing to BTC losses.
#BTC 4H TF
The current BTC drop testing its dynamic support at EMA200.
This is the first time that the price tested this area after its successful breakout at 17k.
A bounce from this area can be an opportunity for long positions for a short term. pic.twitter.com/KEWzO4Tx0q
— Zy™ (@ZyTrades) February 10, 2023
BTC is expected to go below $20,000 soon, as investors are concerned about consistently positive job statistics and a lengthy period of hawkish monetary policy in the United States, which would limit economic development and lead to cryptocurrency losses.
Bitcoin Price
The current Bitcoin price is $21,807. The 24-hour trading volume is $31 billion. Bitcoin has fallen by 4% in the previous 24 hours. Bitcoin is now the market leader, with a live market cap of $420 billion. It has a total quantity of 21,000,000 BTC coins and a circulating supply of 19,286,737 BTC coins.
Bitcoin Price Chart – Source: Tradingview
BTC/USD is trading at extremely bearish levels from a technical perspective. As of right now, the price is at $21,600, which is below the 61.8% Fibonacci retracement level, suggesting that it may soon drop to the $20,000 level.
Bitcoin’s resistance is forecast to stick close to its average of $22,300 and $22,775 according to an analysis of historical data. Given that the relative strength index (RSI) and the moving average convergence divergence (MACD) are both in the “sell” zone, BTC could drop to $21,100 and $20,500 before making any more downward movement.
Kraken to Shut US Crypto-Staking Service
The Securities & Exchange Commission put Kraken on notice a few weeks ago, and the company needed to pay $30M or face harsher consequences. Their services have been discontinued and they will not accept new customers who are based in the United States
Kraken to Shut US Crypto-Staking Service, Pay $30M Fine in SEC Settlement
✅This will ONLY strengthen the #Cardano #SmartContract platform and #Staking (Delegation)!
✅It's survival of the fittest! #Cardano!
✅ Never stake with an exchange! #ADA pic.twitter.com/Xgl3xpbAze— Dr. Shweta (@Dr_shwetaPHD) February 10, 2023
According to the SEC, businesses associated with the cryptocurrency exchange Kraken will stop offering their services by at least 2019. This decision has been made to reduce the amount of risks for investors who were trading on these cryptocurrency options for more than two years.
The Kraken announcement came less than a day after Coinbase CEO Brian Armstrong tweeted that his business has seen reports that the Securities and Exchange Commission (SEC) “intended to get rid of crypto staking in the US for retail users.”
BTC fell suddenly in the morning of Thursday, reaching $22,500 after a slow decline earlier in the day. Many investors have raised worries that this could be a sign of a downward trend.
Coinbase CEO Brian Armstrong has stated that the United States Securities and Exchange Commission (SEC) plans to ban staking services from the country.
More info on Instagram @goldclaysoficial pic.twitter.com/L6Xt96L8Rq
— Goldclays (@goldclays) February 10, 2023
As a result of the situation, the crypto market cap fell by over 3% as new regulatory worries terrified investors around the world.
Massive Sell-Off In Crypto Market
The global crypto market has been flashing red today, with a massive sell-off. This occurred as cryptocurrency prices fell early Friday morning, with major currencies falling into the red overall. Bitcoin (BTC), the world’s oldest cryptocurrency, fell below $22,000 in a 3.38 percent loss in a 24-hour period.
Other notable cryptocurrencies that experienced significant losses included Ethereum (ETH), Dogecoin (DOGE), and Solana (SOL).
#Bitcoin lost key support at 22.7k and is now testing the 21k – 21.5k support. Bearish momentum on RSI and MACD is reaching the bottom. Long term support according to VPVR indicator comes at the strong region below $17k pic.twitter.com/4Z4xcydtVj
— Our Crypto Talk (@ourcryptotalk) February 10, 2023
The reason for its decline, however, could be linked to recent reports claiming that the high-profile crypto exchange Kraken has shut down the US Crypto-Staking service. As a result, the cryptocurrency market suffers, contributing to the loss of BTC.
Strong US Dollar
Another factor weighing on cryptocurrencies is the strong US dollar. The broad US dollar has regained some ground and remains bullish. However, the strong January payroll data in the United States prompted investors to factor in the possibility of further Fed rate hikes, resulting in a 1.1% increase in the dollar index last week.
Dollar on the rise as cautious investors focus on inflation data https://t.co/isUm42XWSC pic.twitter.com/aQaVxtPVdB
— Reuters (@Reuters) February 10, 2023
Notably, stronger-than-expected US employment data raised concerns that the Federal Reserve would keep policy rates higher for longer than expected, causing the US dollar to rise.
Today’s Best Crypto to Buy – MEMAG & FGHT
Given the current market volatility, identifying initiatives that are worthwhile investments may be difficult. During this period of consolidation, however, buyers may find it advantageous to select coins with a favorable fundamental outlook.
Meta Masters Guild (MEMAG)
MEMAG, a brand-new mobile gaming organization, aims to improve the P2E experience by offering entertaining games that encourage players to stay on the platform. As evidenced by the success of its presale, Masters Guild’s MEMAG coin will become one of the leaders throughout 2023.
MEMAG has exceeded all expectations and the most optimistic forecasts in a matter of weeks, and it is already nearing the end of its sixth presale session. For this fifth phase, one MEMAG is available for only 0.019 USDT, which is fantastic value. In the coming phase, you will be able to purchase MEMAG for 0.021 USDT, and we anticipate a price increase.
Another crazy milestone for the MEMAG community today!#MEMAGFAM has raised over $3.5 million
If you haven't already, now is a prime opportunity to join the metaverse and become a member of the MEMAG family⚔️https://t.co/SBqVjX5mWn#BlockchainGaming #Presale #P2E pic.twitter.com/Ob1mISpur0
— Meta Masters Guild (@MEMAGgames) February 8, 2023
The MEMAG presale was a huge success, demonstrating that a surprising number of users saw the potential of this project early on. The next price increase isn’t far away, so join the users who see the big picture and get MEMAG before it’s too late.
Fight Out (FGHT)
Fight Out, a brand-new cryptocurrency project provides a one-of-a-kind opportunity to earn money through the use of a cutting-edge Move-to-Earn (M2E) method. Fight Out is an intriguing cryptocurrency concept designed to help you achieve your fitness and health goals.
Fight Out also includes a metaverse component that allows users to compete against one another for daily, weekly, and monthly prizes while also creating a digital fitness profile that can be used to earn additional rewards.
Join our #FightOut $150 Giveaway!
In celebration of reaching our $4M milestone, we’re giving back to our amazing community!
✅Like & Retweet
✅Follow @fightoutofficial
✅Tag 2 friends⏰Entries close Wednesday, 15th of February!
Good luck! #Giveaway #Crypto #Presale pic.twitter.com/FFbmNpR2fo
— Fight Out (@FightOut_) February 10, 2023
The price of FGHT tokens is now at stage 2, and it will climb every 12 hours until it reaches a maximum of $0.0333 on March 31. Pre-sale participants can earn up to 50% more in bonus tokens.
This article was written for Business 2 Community by Arslan Butt.
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