Bitcoin Price Prediction in 2023 as BTC Hits an All-Time High – Here’s Where It’s Headed Now

by February 17, 2023 · Latest News / Cryptocurrency Guide

Bitcoin Price Prediction in 2023 as BTC Hits an All-Time High

BTC has bounced off the $23,300 support level during the US trading session, leading to a positive price forecast. The price of bitcoin has been fluctuating wildly over the previous several days, with large increases followed by precipitous decreases.

Bitcoin Price Prediction in 2023 as BTC Hits an All-Time High – Here's Where It's Headed Now

Despite SEC Regulation Moves, Binance CEO Denies Reports of USDC Delisting

Binance, the cryptocurrency exchange with the greatest daily transaction volume, is allegedly contemplating severing relations with its American business partners. As a result of the Securities and Exchange Commission’s (SEC) recent regulatory crackdown, Binance is reportedly considering delisting tokens from any companies situated in the United States.

Binance is one of several cryptocurrency exchanges revising its rules and processes to maintain compliance with SEC regulations.

The relationship between exchanges and the US regulatory agency has gotten increasingly strained and ambiguous when the Securities and Exchange Commission (SEC) declared that BUSD, a stablecoin connected to the US dollar, is security and subsequently sued crypto business Paxos.

With these changes, Binance is reportedly rethinking its U.S. assets. Even though Binance is not authorized to do business in the United States, it has been doing so via its wholly-owned subsidiary, Binance. The US.

Binance is one of several cryptocurrency exchanges now evaluating their operations and contemplating adjustments to their business models in response to increasing regulatory demands in the United States.

Binance CEO Reacts Quickly to Accusations

Binance’s CEO, Changpeng Zhao (CZ), responded to the charges on Twitter. According to CZ’s Twitter response to a user’s remark, Binance CEO Changpeng Zhao has been at the center of some controversy as of late. According to a Reuters article, Binance sent $400 million to a trading business controlled by CZ called Merit Peak through a “secret” account affiliated with Binance.US.

The company, which began operations in 2019 and is headquartered in the British Virgin Islands, has invested more than $1 million in Binance’s US arm. Silvergate Bank, a bank that is open to dealing in cryptocurrencies, facilitated the deal.

Disclaimer

The opinions expressed in Trendoinvest’s Industry Talk section are not part of the publication’s editorial coverage and are instead provided by members of the cryptocurrency sector.

SEC Alleges Terraform Labs CEO Transferred 10K+ Bitcoin After Collapse

When Terraform Labs’ collapsed in May, the SEC filed a lawsuit against the firm and its CEO, Do Kwon, for allegedly moving Bitcoin worth millions of dollars to a Swiss bank account. Allegations of selling securities without proper registration are part of the case.

In this case, the defendants are accused of transferring over 10,000 Bitcoin from their Terraform and Luna Foundation Guard accounts to an unhosted wallet that they then used to buy and sell cryptocurrency on black market sites.

From June 2022, Terraform and Kwon reportedly moved Bitcoin to a Swiss bank, where it was converted to cash and withdrawn in amounts totaling over $100 million.

More than $40 billion in market value was lost when Kwon’s business failed. Swiss banking watchdog FINMA stayed silent on the matter.

Binance Reviews US Investments in Light of Regulatory Crackdown

It has been claimed that Binance, the biggest cryptocurrency exchange in the world, is contemplating severing ties with companies based in the United States in the face of increasing regulatory scrutiny. Binance’s CEO, Changpeng Zhao, is reportedly evaluating the exchange’s venture capital investments in the United States and thinking about cutting links with American banks and service providers, according to Bloomberg.

Binance is apparently contemplating delisting currencies from U.S.-based projects, such as Circle’s USDC stablecoin.

Binance, which provides services to American consumers through Binance.US, has been the subject of investigations by the SEC, CFTC, DOJ, and IRS. Binance.US maintains that it is operating independently and has no intentions to leave the U.S. market despite the ongoing inquiry.

Bitcoin Price

Now, the current market price of Bitcoin is $24,323, and the 24-hour trading volume is $40 billion. Bitcoin’s value dropped by 2.5% during the previous day. The current market valuation of Bitcoin is $469 billion, making it the largest cryptocurrency by a wide margin on CoinMarketCap. There are now 19,293,956 Bitcoins in circulation, with a total supply of 21,000,000 Bitcoins.

Bitcoin has recovered after finding a bottom at the 50% Fibonacci retracement level of $23,325. Candles that closed higher than this level sparked a purchasing frenzy that pushed Bitcoin’s price upward.

The next significant barrier for Bitcoin is around $24,350. It’s possible that the Bitcoin price might hit $25,300 if a bullish crossing takes place above this level. Furthermore, a “three white soldiers” pattern on the 4-hour timescale may portend an impending Bitcoin rally.

Bitcoin Price Prediction in 2023 as BTC Hits an All-Time High – Here's Where It's Headed Now

Another further evidence that Bitcoin will continue its upward trajectory is the 50-day moving average. If the price drops below $23,700, investors could want to sell, and if it rises beyond that, they might want to purchase.

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