{"id":868,"date":"2023-02-15T10:03:09","date_gmt":"2023-02-15T15:03:09","guid":{"rendered":"https:\/\/embarrdowns.com\/crypto-market-sees-2-12-increase-despite-regulatory-cracks-down\/"},"modified":"2023-02-15T10:03:09","modified_gmt":"2023-02-15T15:03:09","slug":"crypto-market-sees-2-12-increase-despite-regulatory-cracks-down","status":"publish","type":"post","link":"https:\/\/embarrdowns.com\/crypto-market-sees-2-12-increase-despite-regulatory-cracks-down\/","title":{"rendered":"Crypto Market Sees 2.12% Increase Despite Regulatory Cracks Down"},"content":{"rendered":"

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]<\/a><\/sup> The immediate short term could see the price drop further.[0]<\/a><\/sup><\/p>\n

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\u2019s dominance rate at 41.6%.<\/p>\n

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]<\/a><\/sup> 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]<\/a><\/sup><\/p>\n

Over the past week, the crypto industry has been adversely affected by regulatory measures.[1]<\/a><\/sup> 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]<\/a><\/sup><\/p>\n

The overall market value of all cryptocurrencies is $1.03 trillion, up 2.12% on the day, and Bitcoin\u2019s 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]<\/a><\/sup><\/p>\n

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

It is interesting to note that cryptos have been rallying despite the US Securities and Exchange Commission continuing to crack down on businesses.[7]<\/a><\/sup><\/p>\n

0. <\/span>“Bitcoin Price Prediction Daily (06-Feb-2023) Retesting $21,400” Bitcoinsensus, 6 Feb. 2023, https:\/\/www.bitcoinsensus.com\/bitcoin-price-prediction-daily-06-feb-2023-retesting-21400\/<\/a><\/a><\/p>\n

1. <\/span>“Why Bitcoin, Ethereum, and Dogecoin Are Rising Today” The Motley Fool, 14 Feb. 2023, https:\/\/www.fool.com\/investing\/2023\/02\/14\/why-bitcoin-ethereum-and-dogecoin-are-rising-today\/<\/a><\/a><\/p>\n

2. <\/span>“Bitcoin, other cryptos gain even though disinflation process proves bumpy” Seeking Alpha, 14 Feb. 2023, https:\/\/seekingalpha.com\/news\/3935948-bitcoin-other-cryptos-gain-even-though-disinflation-process-proves-bumpy<\/a><\/a><\/p>\n

3. <\/span>“Crypto Prices Today: Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Polygon (MATIC)” CoinGape, 15 Feb. 2023, https:\/\/coingape.com\/crypto-prices-today-bitcoin-btc-ethereum-eth-cardano-ada-polygon-matic\/<\/a><\/a><\/p>\n

4. <\/span>“Bitcoin Spikes After CPI. But Cryptos Are Still Feeling Regulatory Pressures.” Barron’s, 14 Feb. 2023, https:\/\/www.barrons.com\/articles\/bitcoin-ethereum-price-crypto-markets-today-26a69413<\/a><\/a><\/p>\n

5. <\/span>“Bitcoin Price Prediction as US CPI Data is Released \u2013 Here’s Where BTC is Headed Now” Cryptonews, 15 Feb. 2023, https:\/\/cryptonews.com\/news\/bitcoin-price-prediction-as-us-cpi-data-released-heres-where-btc-headed-now-1.htm<\/a><\/a><\/p>\n

6. <\/span>“Cryptocurrency prices today: Bitcoin trades back up to $22,000, Ether gains as regulatory concerns ease | Mint” Mint, 15 Feb. 2023, https:\/\/www.livemint.com\/market\/cryptocurrency\/bitcoin-trades-back-up-to-22-000-ethereum-gains-4-7-as-regulatory-concerns-ease-11676420297957.html<\/a><\/a><\/p>\n

7. <\/span>“Bitcoin’s value jumps above $22,000 as regulators dial down on crackdown” Hindustan Times, 15 Feb. 2023, https:\/\/www.hindustantimes.com\/business\/bitcoins-value-jumps-above-22-000-as-regulators-dials-down-on-crackdown-101676421693678.html<\/a><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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]<\/a><\/sup> The immediate short term could see the price drop further.[0]<\/a><\/sup><\/p>\n

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\u2019s dominance rate at 41.6%.<\/p>\n

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]<\/a><\/sup> 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]<\/a><\/sup><\/p>\n

Over the past week, the crypto industry has been adversely affected by regulatory measures.[1]<\/a><\/sup> 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]<\/a><\/sup><\/p>\n

The overall market value of all cryptocurrencies is $1.03 trillion, up 2.12% on the day, and Bitcoin\u2019s 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]<\/a><\/sup><\/p>\n

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

It is interesting to note that cryptos have been rallying despite the US Securities and Exchange Commission continuing to crack down on businesses.[7]<\/a><\/sup><\/p>\n

0. <\/span>“Bitcoin Price Prediction Daily (06-Feb-2023) Retesting $21,400” Bitcoinsensus, 6 Feb. 2023, https:\/\/www.bitcoinsensus.com\/bitcoin-price-prediction-daily-06-feb-2023-retesting-21400\/<\/a><\/a><\/p>\n

1. <\/span>“Why Bitcoin, Ethereum, and Dogecoin Are Rising Today” The Motley Fool, 14 Feb. 2023, https:\/\/www.fool.com\/investing\/2023\/02\/14\/why-bitcoin-ethereum-and-dogecoin-are-rising-today\/<\/a><\/a><\/p>\n

2. <\/span>“Bitcoin, other cryptos gain even though disinflation process proves bumpy” Seeking Alpha, 14 Feb. 2023, https:\/\/seekingalpha.com\/news\/3935948-bitcoin-other-cryptos-gain-even-though-disinflation-process-proves-bumpy<\/a><\/a><\/p>\n

3. <\/span>“Crypto Prices Today: Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Polygon (MATIC)” CoinGape, 15 Feb. 2023, https:\/\/coingape.com\/crypto-prices-today-bitcoin-btc-ethereum-eth-cardano-ada-polygon-matic\/<\/a><\/a><\/p>\n

4. <\/span>“Bitcoin Spikes After CPI. But Cryptos Are Still Feeling Regulatory Pressures.” Barron’s, 14 Feb. 2023, https:\/\/www.barrons.com\/articles\/bitcoin-ethereum-price-crypto-markets-today-26a69413<\/a><\/a><\/p>\n

5. <\/span>“Bitcoin Price Prediction as US CPI Data is Released \u2013 Here’s Where BTC is Headed Now” Cryptonews, 15 Feb. 2023, https:\/\/cryptonews.com\/news\/bitcoin-price-prediction-as-us-cpi-data-released-heres-where-btc-headed-now-1.htm<\/a><\/a><\/p>\n

6. <\/span>“Cryptocurrency prices today: Bitcoin trades back up to $22,000, Ether gains as regulatory concerns ease | Mint” Mint, 15 Feb. 2023, https:\/\/www.livemint.com\/market\/cryptocurrency\/bitcoin-trades-back-up-to-22-000-ethereum-gains-4-7-as-regulatory-concerns-ease-11676420297957.html<\/a><\/a><\/p>\n

7. <\/span>“Bitcoin’s value jumps above $22,000 as regulators dial down on crackdown” Hindustan Times, 15 Feb. 2023, https:\/\/www.hindustantimes.com\/business\/bitcoins-value-jumps-above-22-000-as-regulators-dials-down-on-crackdown-101676421693678.html<\/a><\/a><\/p>\n","protected":false},"author":3,"featured_media":867,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[],"_links":{"self":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts\/868"}],"collection":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/comments?post=868"}],"version-history":[{"count":0,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/posts\/868\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/media\/867"}],"wp:attachment":[{"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/media?parent=868"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/categories?post=868"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/embarrdowns.com\/wp-json\/wp\/v2\/tags?post=868"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}