BTC Price Declines Following SEC and Kraken Settlement
With reference to Bitcoin’s performance following the U.S. Securities and Exchange Commission’s (SEC) announcement of a settlement with cryptocurrency exchange Kraken, CoinUnited News has examined recent events in the cryptocurrency market. The price of Bitcoin fell as a result of this settlement for suspected breaches of securities regulations.
Valentine’s Day Bitcoin Forecast
The cryptocurrency tracking service PricePredictions has predicted the price of Bitcoin on Valentine’s Day, February 14, 2023 using artificial intelligence (AI). Based on information obtained on February 10, the platform’s machine learning algorithms predict that the price of BTC will be $21,632 on that day.
To generate its forecast for Bitcoin, the AI system combines a variety of technical analysis (TA) indicators, including as moving averages (MA), the relative strength index (RSI), Bollinger Bands (BB), and more.
current state of the bitcoin market
Currently, Bitcoin is trading at $0.388, down 2.35% over the past 24 hours and 3.94% over the past seven days. At $21,249, there is a support level, and $22,649 is the following important resistance level.
With oscillators in the “neutral” region and moving averages signaling a “sell,” TradingView’s technical analysis indicators for Bitcoin imply a gloomy outlook.
SEC Settlement’s Effect on the Crypto Market
The market capitalization of cryptocurrencies has dropped by $40 billion in only one day as a result of the recent news of the SEC settlement with Kraken. The cryptocurrency exchange has chosen to discontinue its staking services in the United States and has agreed to pay a $30 million fine to settle the SEC’s allegations.
The SEC has also charged the exchange with selling unregistered securities, which has caused significant losses to the market capitalization of cryptocurrencies, including a $18 billion drop in Bitcoin’s market capitalization, which is now at $419 billion.