Bitcoin, Ethereum, Dogecoin Tumble After Kraken Pauses Staking: Analyst Warns Uptrend Loss If Apex Crypto Drops Below This Level

Major coins traded in the red on Thursday evening, as the cryptocurrency market capitalization dropped by 5.45% in the last 24 hours to $1.02 trillion.

What Happened: The largest cryptocurrency by market value Bitcoin BTC/USD  was trading below $22,000. Ethereum ETH/USD  was changing hands at $1,549, down 6.37% in the last 24 hours. Dogecoin DOGE/USD was down 10.07% at $0.081. 

U.S. equities tumbled on Thursday, wiping out earlier gains, as fears over potential future decisions from the Federal Reserve overshadowed optimism over the latest round of corporate earnings. The S&P 500 fell 0.9% to close at 4,081.50, while the Nasdaq Composite Index dropped 1.02% to 11,789.58

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Crypto exchange giant Kraken has agreed to suspend its cryptocurrency staking operations to settle charges with the U.S. Securities and Exchange Commission. The SEC states that Kraken must "immediately" discontinue its crypto staking-as-a-service platform for U.S. customers and pay a $30 million penalty to settle its charges of offering unregistered securities.

Analyst Notes: Crypto analyst Rekt Capital has warned Bitcoin is on the verge of losing a key support level as it stumbles. The apex coin needs to close above $22,692 to keep its technical uptrend intact, the analyst said.

Rekt cautioned traders about the potential pitfalls of using "fear of missing out"-based trading decisions. “If you FOMO on a green day… You won’t have enough ammo to FOMO on a red day. If you must FOMO – choose a red day.”

Kaleo, another crypto analyst, said that BTC is yet to experience a significant break higher, although it may bounce back off the recent retest of the HTF trend breakout acting as support. This gives investors the opportunity to accumulate more BTC and push the market towards the $30,000 mark. While this may take some time, Kaleo said that $30,000 remains a magnet for BTC.

#Bitcoin / $BTC

Didn’t get the initial break higher I was hoping for, but I still believe we’ll see a bounce off the retest of the HTF trend breakout acting as support.

Just gives a bit more of an opportunity to stack.

$30K is still a magnet. pic.twitter.com/klMYSa7c0d

— K A L E O (@CryptoKaleo) February 9, 2023

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