Bitcoin price opened trading at $21,643 on February 11, dropped by 0.82% in the last 24 hours, and is now worth $21,675. Bitcoin reached a high of $22,169 and a low of $21,614 on February 12. Furthermore, its value has fallen by more than 7% in the last week.

Moreover, Ethereum began trading at $1,513, dropping nearly 2% in the last 24 hours, and is now worth $1,517. ETH/USD has ranged between a high of $1,525 and a low of $1,508. The price of Bitcoin and Ethereum fell this week. The market is currently sending mixed signals.

Due to this, it is difficult to tell if their product has reached a plateau or if more pain is coming.

Kraken’s SEC Settlement

The Securities and Exchange Commission of the United States is imposing more pressure on the cryptocurrency industry. The SEC and Kraken agreed to a $30 million settlement on February 09 over the centralized staking service Kraken provided its customers.

As a result of their deal with the US SEC, Kraken will only offer their staking-as-a-service offering to businesses if they get permission from the authorities. The settlement between Kraken and the SEC impacted the crypto market.

At first, the announcement of Kraken’s settlement with the SEC was a concerning sign for all cryptocurrency staking services. Based on market reaction, only centralized exchanges that serve as staking intermediaries, such as Kraken and Coinbase, should be concerned.

The announcement of the crackdown caused the price of BTC/USD to drop to a three-week low as investors became concerned about the regulatory action. The news also caused the price of ETH/USD to fall.

What Does The Federal Reserve Think About Cryptocurrency?

On February 10, Christopher Waller, chairman of the Federal Reserve Board of Governors, and Patrick Harker, president of the Philadelphia Fed, spoke at a Global Interdependence Center event. According to Waller, cryptocurrencies are risky investments. But Harker showed survey results that, despite the risks, cryptocurrencies are likely to stay popular.

Waller advised cryptocurrency traders to exercise caution because cryptocurrencies are high-risk investments with no intrinsic value. He cautioned investors not to expect the government to cover their losses if the value of their cryptocurrency holdings falls to zero.

On the other hand, Harker claims that neither the socioeconomic groups most likely to purchase cryptocurrencies nor the importance of investment and research as motivators for market participation has changed significantly. He said these patterns indicate that, despite the current bear market, a sizable number of customers will remain interested in cryptocurrencies.

Macroeconomic Events Impacting Cryptocurrency Markets

Due to lower inflation, the Federal Reserve has raised interest rates a little less quickly this year. This has aided BTC/USD trading mostly upward. But after the 25 basis point rate hike, nonfarm payrolls went up quickly, which confused people in the market.

The Federal Reserve says we are in a disinflationary cycle, but on February 3, the Labor Department said that payrolls were 517,000. This was higher than what was expected, which was 185,000. Investors were perplexed by macroeconomic factors, which caused the cryptocurrency market to fall. Following that, the BTC/USD pair mostly fell.

Ethereum Shanghai Upgrade

While Ethereum waits for its important network update, Shanghai, to come out in March, the SEC starts to crack down on cryptocurrency staking. The upgrade will make withdrawing Staked ETH easier. Because of the upgrade, Ether validators can withdraw their funds with yield rewards after locking over $25.6 billion in ETH tokens in Ethereum’s PoS smart contract.

Many experts, including Bitwise Asset Management’s chief investment officer Matt Hougan, saw Shanghai as a positive development for ether. As a result, if the Shanghai upgrade is successful, further scaling is possible. As a result, the Shanghai update will benefit ETH/USD.

Bitcoin Technical Outlook

On Saturday, Bitcoin’s price fell below a key support level of $21,875, and the further candle closes below this level have increased the risk of a selling trend in BTC. With a positive break above $21,875, the next resistance level for BTC might be $22,300 or $22,850.

Bitcoin Price Chart

Bitcoin Price Chart – Source: Tradingview

However, if prices can’t drop below $21,750, the trend could continue tumbling until it reaches $21,200. Breaking this level might push BTC’s price below $20,600, which is the next level of support below the current level of $21,200.

Ethereum Technical Outlook

Technically, Ethereum is trading close above the $1,500 double-bottom support level. Closed candles over $1,500 have the ability to fuel an uptrend to $1,560.

An upward channel that was earlier disrupted on Friday is driving this resistance level. A break above $1,560 might expose BTC to $1,600 or $1,680.

Ethereum Price Chart

Ethereum Price Chart – Source: Tradingview

If the ETH price fails to surpass the $1,560 level, it could remain bearish and intensify selling pressure, resulting in a bearish breakout below the $1,510 level, potentially driving prices down to the $1,435 level.

Presale Investment in Alternative Coins: Key Considerations to Keep in Mind

Presale investment in cryptocurrencies has been on the rise in recent years. Presales are the initial coin offerings that are done before a project is launched and sold to the public. Investing in an upcoming cryptocurrency launch can be profitable, but requires caution.

Meta Masters Guild (MEMAG)

Meta Masters Guild (MEMAG) is on its path to becoming the largest mobile gaming guild in the Web3 ecosystem. The ultimate purpose of the project is to create fun and compelling games with playable NFTs that allow players to stake, trade, and get rewards.

The platform is presently the fastest-growing play-to-earn platform for 2023, and based on current trends, it will exceed Web3’s largest mobile gaming guild this year. The presale has raised over $3.6 million and is currently in stage 6.

In Stage 7 of the presale, the token will cost $0.023, up from $0.021. Stage 7 will start in only three days.

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Fight Out (FGHT)

Fight Out (FGHT) is a cryptocurrency venture that intends to use cutting-edge technology to compensate users for various activities. The user can create a profile on the FGHT app and receive workouts through video-customized classes tailored to their fitness needs.

Presale FGHT tokens are still available. Subscriptions are paid for using FGHT, which will eventually support its price. Fight Club is currently priced at $0.0208. Following the end of the presale on March 31, the price will rise until it hits a maximum of $0.033 USDT.

Furthermore, the Fight Out presale offers up to 50% benefits to early investors.

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