The cryptocurrency market is attentive to two important events that will take place this Tuesday during the session, what are they?
Binance founder Changpeng Zhao could face criminal charges in the US. Additionally, the SEC accuses crypto exchange Kraken of operating without registration and commingling customer funds.
The cryptocurrency market is moderating its gains recently. Bitcoin (BTC) is experiencing a slight recovery in the last 24 hours, standing at around US$37,300Meanwhile he Ethereum (ETH) retreats slightly, stabilizing around 2,000 dollars.
Despite some loss of momentum at the start of this week, the optimism embedded in the digital asset market appears to hold. For analysts, this moderation in the boom responds to take profits after the latest increasesas many cryptocurrencies have reached multi-month highs.
The market has been mainly influenced by BTC and ETH exchange-traded funds (ETFs). In recent weeks, BlackRock’s announcement of the creation of an ETH spot exchange-traded product has stoked interest in cryptocurrencies. Big players like Fidelity, ARK Invest, VanEck and Grayscale have joined this race, also leading the creation of a spot bitcoin ETF.
The Securities and Exchange Commission (SEC) will likely postpone its decision on these investment products until early January 2024. The expectation of approval of the ETF late this year has provided market support, although this scenario seems less likely now.
Cryptocurrencies: the data analyzed by the market
Most experts agree that, after the judicial setbacks, lSEC will be forced to authorize the marketing of these products. Likewise, the Commission is expected to approve all bitcoin spot ETFs simultaneously, thus avoiding giving advantages to the competitors mentioned above.
The cryptocurrency market fear and greed index has reached 74 points, indicating greedy sentiment among investors, supporting near-term rallies. However, this sentiment could contribute to a decline in the medium and long term.
The cryptocurrency market is attentive to two important events in the US today. Nvidia presents its quarterly accounts, seeking to reinforce its leadership in the market and in AI, thus supporting the rises in cryptocurrencies. On the other hand, the Federal Reserve (Fed) will publish the minutes of the November meeting, essential to know the roadmap of Jerome Powell and his team in relation to interest rates.
In another news order, ‘Bloomberg’ reports on a possible agreement between Binance and the US Department of Justice, where Binance would pay $4 billion to close an investigation. The founder of Binance, Changpeng Zhao, could face criminal charges in the US. Additionally, the SEC accuses crypto exchange Kraken of operating without registration and commingling customer funds.
Source: Ambito
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