Bitcoin, the world's leading cryptocurrency, has seen a sharp rise in price, jumping 2,2% in the past few days. The surge reignited discussion about Bitcoin's future trajectory and prompted investors to reassess their positions.
In this article, we will examine the reasons for the recent rally and discuss the possible implications for the Bitcoin price in the coming days.
Kraken to Reduce Use of Signature Bank, Bloomberg Report Says
Crypto exchange Kraken is reportedly reducing the use of Signature Bank, a crypto-focused bank, for some of its critical financial operations, continuing the trend of crypto exchanges moving away from specific banks.
According to an email reviewed by Bloomberg, retail Kraken customers will no longer be able to make dollar deposits or withdrawals using Signature Bank. Deposits will be phased out on March 15, followed by withdrawals on March 30. Kraken cited Signature reviews as the reason for the change.
Kraken and Signature Bank did not respond to CoinDesk's requests 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 would instead switch to Signature Bank.
In December, Signature Bank announced its decision to reduce its exposure to cryptocurrency activity, but not eliminate it entirely.
Binance's Inconsistent Claims of €1.8 Billion USDC Loss Raise Concerns
Binance, one of the world's largest cryptocurrency exchanges, has come under intense scrutiny due to inconsistent claims about the loss of the €1.8 billion USDC stablecoin. The controversy has raised concerns among investors, with many questioning the transparency and reliability of the platform.
On August 17, 2022, Forbes reported that $1780 billion in collateral allocated to support stablecoins, specifically b-USDC, which is a wrapped version of Circle's USDC, was pulled from Binance wallets.
According to Forbes analysis of blockchain data, which has not been disputed by Binance, $1200bn of this collateral was transferred to Cumberland-based trading company DRW, while the remaining amounts were sent to entities such as the now-defunct fund Alameda Research coverage, Tron founder Justin. Sun, and crypto infrastructure and services provider Amber Group.
Economic events to follow on Thursday
Several economic events will be observed on Thursday, March 2. The European Union will publish its preliminary CPI estimate on a year-over-year basis, which is expected to be 8,3% for headline CPI and 5,3% for core CPI. In the United States, the unemployment claims report will be released at 13:30 p.m., with a forecast of 196.000 claims.
Reserve Bank of New Zealand Governor Orr will speak at an unspecified time, and FOMC member Waller will also speak at 9:00 p.m. These events may have an impact on financial markets and investors should follow them closely.
bitcoin price
Currently, the price of Bitcoin stands at $23.411 and its 24-hour trading volume is $24.900 billion. CoinMarketCap currently ranks Bitcoin #1 with a live market capitalization of €451 billion. The total amount of BTC coins is 21, with a circulating supply of 000 BTC coins.
On the 4-hour chart, Bitcoin found resistance at the crucial €23,750 level, which it struggled to break. As a result, the BTC price experienced a bearish correction and could fall towards the support level of €22,800. If this support level does not hold, the next support level could be found around €22,150.