Crypto Week Ahead: Binance Shock Fails To Snap Bitcoin Streak

Over the past seven days, Bitcoin (BTC) price achieved a high of $38,392.78.

BTC dominance, at the time of writing, stood at 51.47 percent.

Source : WorldSpectrum/Pixabay

Despite the shocking admission of Binance CEO Changpeng Zhao regarding violation of anti-money laundering laws as part of a landmark $4.3 billion settlement, Bitcoin (BTC) managed to stay abreast and remained above the $37,000 mark Monday morning. The overall fear and greed index stood at 71 (Greed) at the time of writing, as per CoinMarketCap data, indicating possibilities of favourable trading for Bitcoin and other top coins in the coming days. It remains to be seen if the Binance news damages the overall positive market attitude in the near future.

Before we proceed further, readers should note that the overall crypto market and coin prices are extremely volatile in nature. There are no foolproof methods to ascertain how cryptocurrencies are expected to behave in the future. This article is aimed at helping investors stay on top of the current market scenarios and the biggest events that have already taken place as well as some upcoming occurrences that are worth noting. Investors are advised to do their own research before taking any call. 

Crypto Prices Over The Past Week

Last Monday (November 20), the overall crypto market cap stood at $1.41 trillion. BTC price stood at around $37,175, ETH price stood at around $2,000.

A week later, the overall market cap rose to $1.42 trillion.

DeFi's total volume stands at $4.65 billion, at 10.80 percent of the total market 24-hour volume. In the case of stablecoins, the overall volume stands at $39.09 billion, at 90.76 percent of the total 24-hour market volume. As per CoinMarketCap, the overall market fear and greed index stood at ‘Greed’ with 71 points (out of 100) — seeing continuing confidence among investors when compared with last week. 

BTC dominance, at the time of writing, stood at 51.47 percent.

Over the past seven days, Bitcoin achieved a high of $38,392.78 (on November 24) and a low of $35,976.29 (November 22).

Ethereum, on the other hand, saw a high of $2,094.10 (November 26) and a low of $2,043.42 (November 27).

Crypto Events To Note

Legal representatives for former Binance CEO Changpeng Zhao are strongly opposing the US Justice Department's bid to prevent his return to his residence in the United Arab Emirates until sentencing for violating anti-money laundering regulations. In a filing on Thursday, Zhao's lawyers urged US District Judge Richard Jones in Seattle to uphold the bail conditions established by a magistrate judge on Tuesday. These conditions would permit Zhao to depart the US during the period leading up to his sentencing.

Zhao, a dual citizen of the UAE and Canada, resigned as Binance CEO on Tuesday after pleading guilty to deliberately causing the global cryptocurrency exchange to neglect the maintenance of an effective anti-money laundering program. According to US authorities, Binance violated US anti-money laundering and sanctions laws, failing to report over 100,000 suspicious transactions involving organisations identified by the US as terrorist groups, including Hamas, al Qaeda, and the Islamic State of Iraq and Syria.

Additionally, in a recent announcement, the Investment Association, the industry's trade body, has granted approval for British investment managers to embark on the development of tokenised funds. This innovative approach involves breaking down assets into smaller tokens supported by blockchain technology. Proponents of tokenisation, also known as fractionalisation, argue that it will facilitate more cost-effective and transparent trading of a fund's assets. Additionally, investors stand to benefit from increased accessibility to a broader array of assets.

According to the Investment Association, funds that have received authorisation from the Financial Conduct Authority (FCA) in the UK can now take preliminary steps to introduce tokenised funds. It is essential, however, that these funds invest in mainstream assets and adhere to unchanged valuation and settlement arrangements, as outlined in the association's statement.

Lastly, Celsius Network, the crypto lender, has adjusted its post-bankruptcy strategy, narrowing its focus exclusively to bitcoin mining. The decision to streamline its business plans comes in response to reservations expressed by US regulators regarding the company's initially proposed diversification.

Originally, Celsius had outlined plans to generate revenue through "staking" fees, involving the validation of blockchain transactions, and managing its existing portfolio of cryptocurrency loans. However, in a statement released late Monday, the company revealed a shift in direction following "feedback" from the US Securities & Exchange Commission (SEC).

What Crypto Traders Are Saying About Current Market Scenario

Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin’s price cleared the $38,000 threshold over the weekend. However, the bulls could not sustain the momentum and the price consolidated around the $37,300 level. To continue the bullish momentum, Bitcoin will now need to clear the resistance at $37,700, or potentially find support around $37,100. Meanwhile, Ethereum has maintained its trading position above the $2,000 level during the same timeframe.”

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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.