Bitcoin price recaptured the $22,000 level, but pending regulatory action against stablecoins and today's CPI report are front of mind for many investors.
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Bitcoin price clings to $22K as investors digest the recent SEC actions and CPI report
After twenty days of holding the $22,500 support, Bitcoin (BTC) price finally broke down on Feb. 9. Bullish traders had placed their hope on a sustained rally, but this has been replaced by a tight trading range with resistance at $22,000.
The downtrend is even more concerning since the S&P 500 is trading near its highest level in six months, yet the wider crypto market continues to correct.
Regulatory pressure, mainly in the United States, can explain Bitcoin's recent lackluster performance. For starters, on Jan. 9, Kraken exchange reached an agreement with the United States Securities and Exchange Commission (SEC) to stop offering staking services to U.S. clients. The crypto also firm agreed to pay $30 million in disgorgement, prejudgment interest and civil penalties.
On Feb. 10, cryptocurrency lending firm Nexo Capital announced that its yield-bearing Earn Interest product for U.S. customers would be shut down in April. Nexo pointed to its $45 million settlement with the SEC and other regulators on Jan. 19 as the reason for the service halting.
U.S. SEC Chair Gary Gensler issued a warning to crypto companies on Jan. 10 to "come in and follow the law," explaining that their business models were "rife with conflict" and claimed they needed to "disentangle" bundled products. Gensler said that such companies are required to register with the SEC.
Why the SEC wants to ban crypto staking and stablecoins under scrutiny — Watch The Market Report live
On this week’s episode of The Market Report, Cointelegraph’s resident experts discuss the details of the SEC’s ban on crypto staking and whether stablecoins are securities.
Why the SEC wants to ban crypto staking and stablecoins under scrutiny — Watch The Market Report live
On this week’s episode of The Market Report, Cointelegraph’s resident experts discuss the details of the SEC’s ban on crypto staking and whether stablecoins are securities.
Sam Bankman-Fried's use of a VPN on Super Bowl Sunday 'raised concerns', say prosecutors
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Bitcoin price returns to $22K despite 'least volatile' US CPI reaction
Five-day highs for BTC price come within a narrow trading range as U.S. inflation broadly conforms to expectations.
Bitcoin price returns to $22K despite 'least volatile' US CPI reaction
Bitcoin (BTC) ticked above $22,000 after the Feb. 14 Wall Street open as crucial United States inflation data delivered “mixed” results.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBTC price hits 5-day highs on CPI
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it tested multi-week lows twice on hourly timeframes before reversing upward.
The pair saw flash volatility in line with predictions as January’s Consumer Price Index (CPI) numbers hit, something repeated at the start of trading on Wall Street.
Still within a tight trading range, however, Bitcoin’s reaction was in fact fairly muted, with up and down moves only involving several hundred dollars at a time.
That reflected the CPI data itself, which broadly conformed to market expectations. A moderate exception was year-on-year, which ran “hot” at 0.2% above the envisaged 6.2%.
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NASDAQ-listed Interactive Brokers to offer crypto trading in Hong Kong
Hong Kong has seen a growing interest in global crypto and fintech player over the years as Interactive Brokers joins the list.
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UK FCA to take action against unregistered, illegal cryptocurrency ATMs
According to FCA, all crypto ATM operators in the United Kingdom are currently illegal because none of them is registered with the regulator.
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Crypto ads and sponsors banned from women's cricket league in India
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Out of the Ordinal-ry: Bitcoin average block size hits all-time high
Bitcoin’s average block size has hit an all-time high of 2.5MB following the creation of the Ordinals protocol in January 2023.
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Bitcoin price targets range from $19K to $25K as CPI day dawns
It's all about macroeconomic data this Valentine's Day as Bitcoin bulls face a test from a familiar source.
Bitcoin price targets range from $19K to $25K as CPI day dawns
Bitcoin (BTC) saw ongoing rejection below $22,000 into Feb. 14 as markets braced for macroeconomic data impact.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBitcoin vs. CPI: “Expect volatility”
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD failing to expand beyond $21,800 ahead of the United States Consumer Price Index (CPI) print for January.
Already called the “most important” CPI release, the data, due at 8:30 am Eastern Time, is a classic volatility catalyst for risk assets.
Crypto market participants thus expected a busy trading day, with both $19,000 and $25,000 on the table as potential targets depending on how far the results stay from estimates.
“Will probably see that $24-25k Bitcoin pump if tomorrow morning’s CPI number shows more disinflation in the positive direction,” Venturefounder, a contributor at on-chain analytics platform CryptoQuant, wrote in part of a Twitter update.
