Crypto Market Sees 2.12% Increase Despite Regulatory Cracks Down

Bitcoin is currently trading around the $22,800 mark and has been consolidating between the $22,500 and $24,000 mark for the past couple of weeks. On the 1-hour timeframe, the price has dropped below the support level previously watched and is now trading below the $23,200 mark.[0] The immediate short term could see the price drop further.[0]

The price of Bitcoin has shed 1.5% over the past 24 hours to $21,550 and is still below the range around $23,000 that had marked the largest digital asset’s trading range for weeks. Ethereum (ETH) has seen its price jump by 3.49% in the last 24 hours to $1,550 and the overall cryptocurrency market cap now stands at $1.028 trillion, with Bitcoin’s dominance rate at 41.6%.

Inflation data released on Thursday showed the Consumer Price Index (CPI) rose 0.5% in January on a monthly basis, which is the largest monthly increase since October.[1] Year-over-year, the Consumer Price Index (CPI) rose by 6.4%, a slight decrease from December; however, the inflation data was overall higher than forecasted by economists.[1]

Over the past week, the crypto industry has been adversely affected by regulatory measures.[1] Specifically, the Securities and Exchange Commission (SEC) ordered the Kraken crypto exchange to end its staking-as-a-service program and the crypto firm Paxos was ordered by the SEC and New York state regulators to stop issuing the U.S. dollar-backed stablecoin Binance USD.[2]

The overall market value of all cryptocurrencies is $1.03 trillion, up 2.12% on the day, and Bitcoin’s dominance rate is 41.6%. Additionally, the total crypto market volume in the last 24 hours increased by 5.20% and is currently at 58.60 billion USD.[3]

Following the US Consumer Price Index (CPI) data for January, where inflation was below expectations, the majority of cryptocurrencies experienced an increase.[4] Bitcoin has recovered from its recent lows and is now being traded at a rate higher than $22,000.[5] BTC’s next resistance now lies at the US$22,260 level, while the support lies at the $22,000 level.[6]

It is interesting to note that cryptos have been rallying despite the US Securities and Exchange Commission continuing to crack down on businesses.[7]

0. “Bitcoin Price Prediction Daily (06-Feb-2023) Retesting $21,400” Bitcoinsensus, 6 Feb. 2023,

1. “Why Bitcoin, Ethereum, and Dogecoin Are Rising Today” The Motley Fool, 14 Feb. 2023,

2. “Bitcoin, other cryptos gain even though disinflation process proves bumpy” Seeking Alpha, 14 Feb. 2023,

3. “Crypto Prices Today: Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Polygon (MATIC)” CoinGape, 15 Feb. 2023,

4. “Bitcoin Spikes After CPI. But Cryptos Are Still Feeling Regulatory Pressures.” Barron’s, 14 Feb. 2023,

5. “Bitcoin Price Prediction as US CPI Data is Released – Here’s Where BTC is Headed Now” Cryptonews, 15 Feb. 2023,

6. “Cryptocurrency prices today: Bitcoin trades back up to $22,000, Ether gains as regulatory concerns ease | Mint” Mint, 15 Feb. 2023,

7. “Bitcoin’s value jumps above $22,000 as regulators dial down on crackdown” Hindustan Times, 15 Feb. 2023,