Bitcoin Price Prediction as BTC Spikes Up 2.2% – What Caused the Rally?

cryptonews.com:

Bitcoin, the world's leading cryptocurrency, has witnessed a sharp uptick in its price, surging by 2.2% in recent days. The sudden spike has reignited the discussion around Bitcoin's future trajectory and prompted investors to reassess their positions.

In this article, we'll examine the reasons behind the recent rally and analyze the potential implications for Bitcoin's price in the coming days.

Crypto exchange Kraken is reportedly scaling back its usage of Signature Bank, a crypto-focused bank, for some of its critical financial operations, continuing a trend of crypto exchanges moving away from specific banks. 

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. Deposits will be phased out on March 15, followed by withdrawals on March 30. Kraken cited Signature's revisions as the reason for the change.

Kraken and Signature Bank have not responded to CoinDesk's inquiries for confirmation or additional comments. 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, Signature Bank announced its decision to reduce its exposure to the cryptocurrency business, though not eliminate it entirely.

Binance, one of the world's largest cryptocurrency exchanges, has been under scrutiny due to inconsistent claims regarding the loss of $1.8 billion worth of USDC stablecoin. The controversy has raised concerns among investors, with many questioning the transparency and reliability of the platform. 

On August 17, 2022, Forbes reported that $1.78 billion in collateral allocated to support