Crypto Resilience: Bitcoin Surges Past $37K, Anticipates Spot ETF Approval Amid Binance Developments
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Recent developments surrounding Binance have stirred speculation among analysts, suggesting that the resolution of its legal issues could pave the way for the anticipated approval of a U.S. spot bitcoin ETF. The cryptocurrency markets, which experienced significant volatility earlier in the week, demonstrated a positive trajectory on Wednesday, with bitcoin (BTC) surging beyond $37,400 and maintaining upward momentum despite the exit of a prominent figure in the crypto community.
The initial disturbance in the crypto markets unfolded on Monday, triggered by the leak of information hinting at a potential substantial settlement of U.S. criminal charges against Binance, the world's largest crypto exchange. The confirmation on Tuesday of a $4.3 billion fine, coupled with a guilty plea from Binance's founder and CEO, Changpeng "CZ" Zhao, who agreed to step down from his position, intensified market fluctuations, briefly causing bitcoin's value to dip below $36,000 on that particular evening.
Since then, the markets have demonstrated resilience, witnessing a 1.5% increase in bitcoin's value over the past 24 hours, hovering just below $37,400. This positive trend contrasts with the starting point of about $37,000 at the beginning of the week. Notable contributors to this surge include a 5% gain for ether (ETH) and 6% advancements for Solana (SOL) and Chainlink (LINK).
Looking beyond the immediate headlines, several industry observers have pointed out that the resolution of the Binance situation might have paved the way for the U.S. Securities and Exchange Commission (SEC) to greenlight a spot bitcoin ETF. They argue that the neutralization of Binance and CZ's departure could assuage the SEC's concerns about potential manipulation of bitcoin prices by overseas entities.
"In light of this plea deal, the likelihood of a spot Bitcoin ETF approval may have reached 100%, as the industry will now be compelled to adhere to the regulatory standards followed by traditional financial firms,"
remarked Matrixport, a crypto services provider.
With Binance's uncertainties resolved, its activities are set to undergo scrutiny from an independent compliance entity, according to economist Alex Kruger.
"I am awaiting the market consensus to affirm that this development is indeed bullish,"
he added.
Binance uncertainty out of the way, its activities will now be monitored by an independent compliance monitor.
— Alex Krüger (@krugermacro) November 22, 2023
=> Much higher ETF approval odds
Waiting for the market to agree with me that this is actually bullish. https://t.co/OzReCqeOkP
Read More: Expert Opinions Diverge: Navigating Spot BTC ETF Speculation and Coinbase Concerns
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