• Kraken is reportedly scaling back its usage of Signature Bank, a crypto-focused bank, for some of its financial operations.
• Binance has been under scrutiny due to inconsistent claims regarding the loss of $1.8 billion worth of USDC stablecoin.
• The sudden price spike has reignited discussion around Bitcoin’s future trajectory and prompted investors to reassess their positions.
Bitcoin Price Rallies 2.2%
Bitcoin, the world’s leading cryptocurrency, has witnessed a sharp uptick in its price, surging by 2.2%. This sudden spike has reignited the discussion around Bitcoin’s future trajectory and prompted investors to reassess their positions.
Kraken Reducing Usage of Signature Bank
Crypto exchange Kraken is reportedly reducing its reliance on Signature Bank for major financial transactions, according to an email reviewed by Bloomberg. Non-corporate Kraken clients will no longer be able to make dollar deposits or withdrawals using Signature Bank with deposits phased out on March 15 and withdrawals on March 30th. Kraken cited Signature’s revisions as the reason for the change. LedgerX, a crypto derivatives trading platform, also announced earlier this week that it would stop using Silvergate Bank to receive domestic wire transfers and switch to Signature Bank instead. In December 2020, Signature Bank announced its decision to reduce its exposure to the cryptocurrency business but not eliminate it entirely.
Binance Raising Concerns
Binance, one of the world’s largest cryptocurrency exchanges, has been under scrutiny due to inconsistent claims about losing $1.8 billion worth of USDC stablecoin which is raising concerns among investors over transparency and reliability of the platform. Binance has yet responded to CoinDesk’s inquiries for confirmation or additional comments regarding these claims or losses reported so far..
Implications for Bitcoin’s Price
The recent rally in Bitcoin’s price could have implications for its future trajectory and should prompt investors to reassess their positions accordingly as both positive and negative news can significantly influence market sentiment towards cryptocurrencies like Bitcoin while driving both short-term rallies and corrections in its prices respectively depending on how influential such news proves itself within market dynamics..
Recent developments have caused significant shifts in how different players are interacting with cryptocurrencies like Bitcoin which is likely going to be reflected in upcoming prices changes accordingly over time as such news continues being released into public domain from reliable sources consequently influencing investor sentiment faster than ever before given current state of digital transformation we are now living through globally speaking .