{"id":375488,"date":"2023-02-14T14:18:55","date_gmt":"2023-02-14T19:18:55","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=375488"},"modified":"2023-02-14T14:18:55","modified_gmt":"2023-02-14T19:18:55","slug":"bitcoin-price-at-just-under-22000-what-can-wake-the-sleeping-giant","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-price-at-just-under-22000-what-can-wake-the-sleeping-giant","title":{"rendered":"Bitcoin Price At Just Under $22,000 – What Can Wake The Sleeping Giant?"},"content":{"rendered":"

Bitcoin fell below $22,000 on Monday, consequently falling throughout the day and nearing a critical support level at $21,400, and from there, climbing back to $21,800 at the time of writing. Currently, the token with the biggest market cap is trading at $21,780, marking a decline of 0.46%. Ethereum<\/a> is up 0.06%, trading at $1,505 after bottoming at $1,470 in the last 24 hours.<\/p>\n

Most cryptocurrencies witnessed a drop in price over the weekend, where bitcoin marked a three-week low falling below $22,000. This decline was attributed to the temporary closing of staking services from Kraken<\/a>, a popular cryptocurrency exchange that also received a $30 million fine from the Securities and Exchange Commission (SEC).<\/p>\n

After the price decline, Bitcoin was projected to fall even more and find support at the $21,500 level, and it did. Although all of this happened in less than a day, the projections were expecting a week for the correction. Soon after, the token bounced from its bottom and climbed back to the next resistance level of $21,800, refuting the predictions made previously.<\/p>\n

The token has remained relatively stable following the recovery, hovering around the $21,760 level. Bitcoin currently has a market cap of $419 billion and the 24-hour trading is up by 15% over the previous day.<\/p>\n

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In related news, Paxos Trust has been requested to halt the creation of Binance USD by the New York Department of Financial Services (NYDFS). Binance<\/a> USD is a stablecoin pegged to the dollar, which has been alleged to be an unregistered security by the SEC. While it will continue to manage redemption, Paxos will stop creating the stablecoin for now.<\/p>\n

The crypto industry is quite susceptible to butterfly effects, where the damage from one event in the industry is felt across the market. Halting of Binance USD might catalyze the decline in Bitcoin’s price if it happens. On the other hand, the increase in whale transactions on the Bitcoin network is supplementing some optimism.<\/p>\n

Bitcoin Whale Transactions Explode- Crypto Whales Accumulating? <\/b><\/h2>\n

Whale activity, on the bitcoin network, is at its highest in the last three months. An indicator by the name of “whale transaction count” measures the total number of transactions equal to and above $1 million on the network, and refers to them as whale transactions.<\/p>\n

When the value of this token is high, it’s suggestive that there are a lot of big transactions taking place on the network. Suggesting an active interest in the currency among traders. And since these transactions are relatively massive in volume, they cause ripples in the market which are quite noticeable.<\/p>\n

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🐳 #Bitcoin<\/a> dipped down to $21.6k on Sunday, and whale addresses responded by transacting at their highest rate in 3 months. Read our latest community insight, focusing on why $BTC<\/a> may be offering a short-term #buythedip<\/a> opportunity. 🤑 https:\/\/t.co\/YKwlMxS7br<\/a> pic.twitter.com\/RXL34z8QIB<\/a><\/p>\n

— Santiment (@santimentfeed) February 13, 2023<\/a><\/p><\/blockquote>\n