Bitcoin Price Prediction When BTC Falls Below $22,000 – Time To Buy The Dip?
Bitcoin has been on a steady decline for some time now. It was trading near $23,000 early today and has been on a steady decline since then. It traded at $21,800 during the US session. Despite this, it is not time to panic and sell your crypto holdings.
The price has the potential to rise again over time as long as there are no major changes in regulations or government intervention in the market. As long as you have some Bitcoin left in your portfolio to buy back into when the price drops again, you should be fine.
Kraken under the microscope: SEC investigates crypto exchange for possible violations
One of the reasons behind a strong selling trend in the crypto market is a report from the SEC investigating the Kraken exchange. According to reports, the Security Exchange Commission will investigate crypto-to-crypto exchange Kraken for violations of securities laws.
Bloomberg has speculated about a possible settlement in recent days, suggesting it could take place soon.
About the Kraken
Kraken is a digital trading platform for cryptoassets that allows customers to buy and sell Bitcoin, Ethereum and Dogecoin. The exchange’s fourth-largest by volume, according to CoinGecko data, has been accused of wrongdoing by federal authorities.
In November, Kraken agreed to pay the US Treasury Department’s Office of Foreign Assets Control $362,158.70 for alleged violations of sanctions against Iran. In September, Anthony Ripley, the incoming CEO of BCH (Bitcoin Cash), said the company had no plans to delist any of the exchanges. coins or tokens that are labeled as securities by the SEC.
In January, the SEC levied charges against the two largest exchanges in terms of trading volume – Genesis and Gemini. These fees were for offering unregistered securities.
Securities and Exchange Commission Chairman Gary Gensler believes that many cryptocurrencies – but not Bitcoin – are unregistered securities. Securities are investment tools that raise capital through the public and private markets.
The number of crypto-related enforcement actions has grown significantly in recent years. This can be explained by the body trying to regulate space to ensure people’s safety and financial well-being.
According to Gensler, the cryptocurrency industry is “essentially non-compliant,” despite clear rules already in place to protect consumers. Nevertheless, more work needs to be done to ensure the safety of investors. Digital asset exchanges are under close scrutiny by US regulators following the collapse of mega-company FTX in December 2017.
That being said, the market is uncertain and investors are staying away from the crypto market.
SEC Crypto Bet Action Against Kraken Lowers Coinbase Shares
Coinbase shares closed down more than 14%. The company’s CEO, Brian Armstrong, has voiced his concern over rumors that the Securities and Exchange Commission was considering new enforcement action.
Many centralized exchanges, including Coinbase, offer customers the option to hold their digital assets without returns. Crypto staking is when investors choose to lock their assets with a blockchain validator, which verifies proof of accurate transactions on the blockchain.
For each token frozen thanks to this process, investors can receive as much as 5-20% more tokens from the validator in return. Armstrong tweeted about a “terrible path” the SEC would follow if it classified Ether as a security.
The cryptocurrency market is unpredictable, volatile and highly dependent on sentiment. In the current market situation, investors are reluctant to invest due to increased regulation and uncertain regulation. The current SEC investigation into Kraken news has kept investors away from the crypto market for now.
Bitcoin price
The current Bitcoin price is $21,905, and the 24-hour trading volume is $31 billion. Bitcoin has fallen by almost 4.5% in the last 24 hours. With a market capitalization of $422 billion, CoinMarketCap currently ranks first.
On the technical front, BTC/USD trading is extremely bearish. Currently trading at $21,900 and recently completed a 61.8% Fibonacci retracement at this level; this means there is a good chance to push the price down towards $20,000 in the short term. Bitcoin’s resistance is expected to remain near the $22,300 or $22,775 average.
Leading technical indicators such as Relative Strength Index and Moving Average Convergence Divergence both point to a bearish market. There is strong selling pressure as both RSI and MACD have reached the 25 levels and are producing histograms below zero. Additionally, a bearish engulfing candle is a sign that investors are strongly bearish.
If Bitcoin breaks below $21,800, we expect the next support level to be around $21,400. Support levels are expected to remain close to holding Bitcoin’s price down.
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Bitcoin Alternatives
Cryptocurrencies and related ICOs are creating a lot of buzz around the world. CryptoNews Industry Talk has analyzed the top 15 cryptocurrencies to watch in 2023 to guide your investment decisions.
If you are looking for an investment opportunity with a high profit potential, there are other options to explore.
Disclaimer: The Industry Talk section contains insights from crypto industry players and is not part of the editorial content of Cryptonews.com.
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