This Wednesday the most recent economic outlook from the OECD will be released, offering a view on the state of the global economy, a data that investors expect.
Regarding the rest of the market, notable falls are observed in most of the ‘altcoins’, highlighting those of dogecoin (DOGE) or tron (TRX), with declines exceeding 4%.
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The current measure of cryptocurrencies seems marked by a persistent stillness in the last week of November. While, the bitcoin (BTC) declines slightly, remaining above $37,000, while Ethereum (ETH) shows a more pronounced decline, dangerously close to the $2,000 mark.
These first days of the last week of the month seem tinged with a noticeable calm, which is reflected in the universe of digital assets. After two consecutive sessions with limited movements and liquidity towards the end of the previous week, due to the celebration of Thanksgiving Day and the start of Cyber Week with Black Friday, Investors are gradually returning to the market.
However, various analysts suggest that there are signs days of relative calm and that it will be necessary to wait a while to see Bitcoin reach the coveted $40,000 mark. Simon Peters, expert cryptoasset analyst at eToro, points out that BTC “has maintained its central position, fueling speculation and rumors around exchange-traded funds (Spot ETF), although He does not expect a decision to be made on the matter in the coming days.
“It looks like we will get the latest OECD economic outlook on Wednesday, offering insight into the state of the global economy. Although these reports are unlikely to trigger significant moves in the markets, they could serve as a useful barometer for investors with a macroeconomic perspective. Therefore, BTC continues to show resistance, weeks after experiencing a notable rebound in their prices,” he adds.
Recently, it emerged that the US Justice has ruled that Changpeng Zhao, founder and former CEO of Binance, must remain temporarily in the United States after pleading guilty to all charges charged in the agreement between the platform and the Department of Justice, a pact that included his resignation as CEO of the company.
Zhao was released last week on $175 million bail. and has a sentencing hearing scheduled for February 23. Prosecutors have requested that he be barred from leaving the country before his sentencing, while his attorneys have asked for permission for him to travel, arguing that he “voluntarily flew” to the United States to plead guilty. Zhao resides in the United Arab Emirates, which does not have a formal extradition treaty with the United States.
Bitcoin: how the leading cryptocurrency will continue
Despite the lack of obvious catalysts, experts believe there are positive signs supporting the bull case for cryptocurrencies in general, and bitcoin in particular. One of these indicators is the discount at which shares of Grayscale Bitcoin Trust (GBTC) are trading, marking their lowest level since July 2021 and reflecting optimism around the possible approval of spot ETFs. However, analysts such as those at JP Morgan suggest that this investment product could be at risk of being limited in its conversion to a spot ETF. It is important to note that the fund has been trading at a discount since February 2021 and hit record lows close to 50% last December.
In the business field, the agreement between Circle, issuer of the stablecoin USD Coin (USDC), and the Japanese financial group SBI Holdings stands out to promote the adoption of stable currencies in the Asian country.
Regarding the rest of the market, notable falls are observed in most of the ‘altcoins’, highlighting those of dogecoin (DOGE) or tron (TRX), with declines exceeding 4%.
Source: Ambito
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