Bitcoin Price Pulls Back After US SEC Clampdown on Crypto Staking

The Bitcoin rally of 2023 is starting to slow down after nearly creating a trading signal similar to what was seen when the cryptocurrency was hitting its all-time high.[0] The coin’s near 4% slide in the seven days through Sunday was the largest weekly drop since November, paring its year-to-date gain to 39%.[1]

The Federal Reserve published a new 31-page Bitcoin research report titled: “The Bitcoin–Macro Disconnect,” which said that the apex crypto “shares most of the features of a store of value, such as gold.”[2] From a Monday night low of $22,658, Bitcoin (BTC) experienced a reversal in the trading on Tuesday, as revealed by data from TradingView. The cryptocurrency hit a daily peak of $23,355 in the afternoon before dropping to a support level of $23,200.[3]

The Federal Reserve Bank sees Bitcoin and other crypto assets as being more akin to gold and other precious metals, rather than the United States dollar.[4] The bank’s speculation probability model projected that news related to upcoming policy decisions had a more observable effect on Bitcoin value than news concerning the current target rate.[5]

The collapse of the crypto exchange FTX and related developments did more to pull up or push down the price of Bitcoin (BTC) throughout Q4, compared to macroeconomic events such as rate hikes, according to research.[6]

The crypto exchange Kraken announced Thursday that it would close down its on-chain staking services due to charges from the SEC. According to the SEC, two of the exchange’s subsidiaries had neglected to register the offer and sale of their staking program, causing market concern.[7] The Kraken has consented to remit a sum of $30[7]

This week, Bitcoin (BTC-USD) experienced a setback after hitting multi-month highs, due to strong resistance.[8] In the last seven periods, BTC’s worth decreased by 4.6%, causing the original cryptocurrency to drop below the important $23,000 psychological marker.[8] Bitcoin experienced a sharp decrease in value at the conclusion of this week after the US SEC intensified its oversight of crypto staking, following a period of relative quiet.[9]

0. “Bitcoin’s 2023 rally fizzles amid SEC’s crypto crackdown – Cryptopolitan” Cryptopolitan, 10 Feb. 2023,

1. “Bitcoin flirts with ‘golden cross’ – TechCentral” TechCentral, 6 Feb. 2023,

2. “Fed Report Puts Bitcoin Alongside Gold As ‘Store Of Value’” Benzinga, 9 Feb. 2023,

3. “Multiple altcoins record double-digit gains as BTC trades sideways” Kitco NEWS, 7 Feb. 2023,

4. “Federal Reserve Bank issues a new paper on Bitcoin” The Paypers, 10 Feb. 2023,–1260279

5. “New York Fed says Bitcoin shares most features of ‘a store of value’” CryptoSlate, 9 Feb. 2023,

6. “Bitcoin price more correlated to FTX developments than macro events: Research” Cointelegraph, 10 Feb. 2023,

7. “Weekly Market Wrap: Bitcoin retreats below US$22,000 after a record January. Is the strong start to 2023 reversing?” Yahoo! Voices, 10 Feb. 2023,

8. “This Week in Crypto: Market Dips after Multi-Week Rebound” TipRanks, 9 Feb. 2023,

9. “Bitcoin Dumps to 3-Week Low, LDO Plummets 14% (Weekend Watch)” CryptoPotato, 11 Feb. 2023,