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The price of Bitcoin, the most popular altcoin in the world, has sharply increased recently, rising by 2.2%. The sudden increase has rekindled debate about Bitcoin's future course and led buyers to review their holdings.

According to a Reuters report, Kraken will reduce its use of Signature Bank

Bitcoin transaction The use of Signature Bank, a bank with a focus on cryptocurrencies, is allegedly being reduced by Kraken for some of its crucial financial operations, continuing a trend of cryptocurrency exchanges moving away from particular banks.

Non-corporate Kraken clients will no longer be able to transfer or withdraw money in dollars using Signature Bank, according to an email examined by Bloomberg. On March 15, deposits will gradually stop, and on March 30, disbursements will also stop. Kraken attributed the modification to Signature's changes.

When CoinDesk asked Kraken and Signature Bank for confirmation or more information, neither company replied. LedgerX, a cryptocurrency derivatives trading platform, also declared earlier this week that it would cease using Silvergate Bank and start using Signature Bank to accept domestic wire transfers.

Concerns Raised by Binance's Inconsistent Statements Regarding Lost $1.8B USDC

One of the biggest cryptocurrency exchanges in the world, Binance, has come under fire for making contradictory claims about losing USDC stablecoin valued $1.8 billion. Investors are worried about the scandal, and many are doubting the platform's dependability and transparency.

According to a Forbes article from August 17, 2022, Binance wallets had received a transfer of $1.78 billion in collateral designated to back stablecoins, particularly b-USDC, a wrapped version of Circle's USDC.

$1.2 billion of this collateral was transferred to trading company Cumberland DRW, according to Forbes' analysis of the blockchain data, which Binance has not refuted. The remaining funds were sent to individuals and organisations like Justin Sun, the founder of Tron, and Amber Group, a provider of crypto infrastructure and services.

Economic Events to Watch on Thursday

There are several economic events to monitor on Thursday, March 2. The CPI Flash Estimate year-over-year for the European Union will be made public. It is anticipated to be 8.3% for the total CPI and 5.3% for the core CPI. At 1:30 pm in the United States, the Unemployment Claims report will be made public. 196,000 applications are anticipated.

Bitcoin Price 

The price of one bitcoin is currently $23,411; the 24-hour transaction volume is $24.9 billion. With a live market cap of $451 billion, Bitcoin presently holds the top spot on CoinMarketCap. 21,000,000 BTC tokens are available, with 19,305,393 currently in circulation.

The critical level of $23,750 presented opposition to Bitcoin, which it found difficult to overcome. As a result, the price of BTC experienced a bearish correction and may now decline towards the $22,800 support mark. The next level of support might be located around $22,150 if this one fails to hold.

The BTC/USD pair is oversold, but there is a chance of a recovery if this situation continues. As a consequence, Bitcoin might surpass the $23,500 resistance level and possibly reach a price of $24,250.