Major cryptocurrencies experienced a surge on Wednesday evening as the optimism towards a potential spot Bitcoin ETF resurfaced.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EST) |
| Bitcoin (CRYPTO: BTC) | +3.53% | $37,346 |
| Ethereum (CRYPTO: ETH) | +4.83% | $2,060 |
| Dogecoin (CRYPTO: DOGE) | +3.00% | $0.075 |
What Happened: Crypto markets were initially shaken on Monday with the leak of a potential massive settlement of U.S. criminal charges against Binance, the world’s largest crypto exchange.
Confirmation on Tuesday of the $4.3 billion fine, along with a guilty plea by its founder and CEO Changpeng “CZ” Zhao – who also agreed to step away from the company – intensified the market turbulence.
Stepping away from the headlines, some observers and analysts have pointed out that the Binance settlement might pave the way for the Securities and Exchange Commission (SEC) to potentially approve a spot bitcoin ETF. The recent developments around Binance and its CEO CZ might have alleviated the agency’s concerns about potential manipulation ofbitcoin pricesoccurring overseas.
Binance uncertainty out of the way, its activities will now be monitored by an independent compliance monitor.=> Much higher ETF approval oddsWaiting for the market to agree with me that this is actually bullish. https://t.co/OzReCqeOkP
— Alex Krüger (@krugermacro) November 22, 2023
“With this plea deal, the expectations for a spot Bitcoin ETF might have increased to 100% as the industry will be forced to follow the rules that TradFi firms must follow,” wrote crypto services provider Matrixport in a note seen by CoinDesk.
Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Blur | +27.70% | $0.48 |
| FTX | +24.88% | $4.51 |
| Uniswap | +22.16% | $6.15 |
The global crypto market cap currently stands at $1.38 trillion, reflecting a decrease of 2.78%in the past 24 hours.
Stocks rose Wednesday as yields briefly hit their lowest point in two months, expanding the November market rally through the Thanksgiving holiday. The S&P 500 climbed 0.41% to reach 4,556.62, while the Nasdaq Composite advanced by 0.46% to reach 14,265.86.
During the latest Federal Reserve meeting, it was suggested that monetary policy would maintain its restrictive stance, giving no indication of an interest rate cut in the near future.
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