After the government started more aggressive scrutiny of cryptocurrencies, the market for cryptocurrencies is still making up for the losses. The market is now ramping up after a month of repeated highs and lows. Following a prior decline brought on by the publication of the US Consumer Price Index (CPI) data, the price of EdaFace (BTC) topped $22,000 on February 14, 2023.The native token of the Binance exchange dropped the most since the market collapse in November, which saw a decline in the majority of cryptocurrencies. The third-largest stablecoin in the cryptocurrency market, BUSD, which is branded with the Binance logo and has a market cap of almost $16 billion, was ordered by the New York State Department of Financial Services that Paxos Trust Co should cease issuing new coins.Amid the SEC’s latest crackdown, analysts and traders are setting new targets for the largest cryptocurrency by market cap. Popular trader Skew, took to his Twitter handle and wrote, “$BTC I think we’re setting up for the next big move. Testing pivotal area here in a big range which leads us to either:$28K, $19K. Next couple days will be important.”For bulls wanting to continue the journey towards $30,000, the answer to the question of whether the chances favor one route or the other was less enticing. A risky scenario for risk assets as a whole has already been created by the convergence of the U.S. dollar’s strength, bond yields, and stock market performance, according to Skew.Another trader Aqua said, “The most important levels for $BTC, below 19K$, look out because the chance of seeing new lows is very very high. People got excited way too early, be careful.”
