The current cryptocurrency landscape maintains a stable dynamic. Bitcoin (BTC) shows a moderate rise, settling at $37,500, while Ethereum (ETH) continues its rise and is close to $2,100, maintaining both tokens near their yearly highs.
In the last 24 hours, digital assets have shown little change. After a brief uncertainty caused by the fine on Binance and the resignation of its CEO and founder, Changpeng Zhaooptimism returned to the markets driven by exchange-traded funds (ETFs).
Experts believe that the action taken on the world’s largest crypto exchange practically weakens the arguments of the Securities and Exchange Commission (SEC). to not approve these investment products.
“With this agreement, Expectations for a Spot Bitcoin ETF Might Have Increased to 100%since the industry will be forced to follow the rules that traditional finance companies must follow,” say global crypto experts.
Cryptocurrencies: the data observed by the market
However, analysts remain somewhat divided over the short-term future of digital assets, especially bitcoin.
There is a consensus on the proximity of the approval of ETFs, but there are disagreements about its effect on cryptos. Some believe they will close the year strong, with bitcoin rising to $45,000 under the right conditions, while others believe the market is overbought and that fundamentals do not support the exaggerated gains of recent months.
In this sense, critics remember that regulation continues to be a force against cryptocurrencies, since the SEC continues to put pressure on the sector. The regulator was excluded from the Binance deal and the lawsuit filed against the crypto exchange has not yet been resolved, while it maintains open disputes with Coinbase and has taken action again against Kraken for the second time this year.
The consequences of the Binance sanction are beginning to be felt. According to data from CryptoQuant, the crypto exchange’s BTC reserves decreased by 5,000 bitcoins since the deal, while those of Coinbase, one of its main rivals, increased by 12,000 BTC. Recently, Brian Armstrong, CEO of Coinbase, criticized Binance’s business model and stated that complying with the regulations of each market was the right direction, even if it could limit them more than the competition.
In the rest of the market, increases of between 1% and 2% are observed in ‘altcoins’ such as cardano (ADA), dogecoin (DOGE) or tron (TRX), while solana (SOL) registers a decline of 1% .
Source: Ambito
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