Share:

Market picture

The crypto market cap fell 0.5% in 24 hours to $1.42 trillion, showing another pullback as part of a broader uptrend that started in mid-October but has slowed in the last couple of weeks.

Bitcoin underwent a sell-off on Wednesday afternoon from the upper end of an upward range above $38.4K. Countless times, the market has proven that it's not ready to accelerate, but it hasn't found any reason to go deep down either. Only a failure below $36.7K will confirm that $38K is a solid horizontal resistance.

Without this confirmation, the working scenario remains in the upward range.

News background

According to CryptoQuant, crypto whales are sending bitcoins to exchange wallets, which can be seen as a bearish signal.

Standard Chartered Bank confirmed its prediction that Bitcoin could reach $100K by the end of next year. Apart from halving, the catalyst for the rally will be the approval of several spot ETFs in the first quarter of 2024. This will pave the way for institutional investment in Bitcoin and Ethereum.

The US SEC has requested public comment on spot Bitcoin ETFs. Lawyer Scott Jonsson saw this as a signal of the regulator's willingness to approve all applications for the instrument in a one-time manner by 10 January 2024.

Glassnode recorded Ethereum's first post-Shanghai decline in staking, which is slowing issuance. Along with the increased rate of coin burn in light of increased network activity, inflation has been replaced by deflation.

Binance, the world's largest crypto exchange, announced that it will delist its own BUSD stablecoin as part of a deal with US authorities and will stop supporting it starting on the 15th of December.

US presidential candidate Vivek Ramaswamy said that his " policy will guarantee a bright future for cryptocurrencies", which will give freedom to Americans.


Trade Responsibly. CFDs and Spread Betting are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.37% of retail investor accounts lose money when trading CFDs and Spread Betting with this provider. The Analysts' opinions are for informational purposes only and should not be considered as a recommendation or trading advice.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

PEPE price inches closer to 2024 peak with top crypto exchanges teasing PEPE memes on X

PEPE price inches closer to 2024 peak with top crypto exchanges teasing PEPE memes on X

PEPE’s social dominance and relevance have been increasing since February 20. This week, top cryptocurrency exchanges have shared PEPE and related memes in tweets on their official X handle. 

More PEPE News

SEI, Omni Foundation propose standard to unify Ethereum NFTs

SEI, Omni Foundation propose standard to unify Ethereum NFTs

SEI and Omni Foundation could help NFTs across the Ethereum ecosystem transition to scaling solutions and rollups. The two have proposed a new token standard, xERC-721, with a “code minimized” upgrade to the current standard. 

More Cryptocurrencies News

Bitcoin Weekly Forecast: BTC likely to correct to $50,000 soon

Bitcoin Weekly Forecast: BTC likely to correct to $50,000 soon

Bitcoin price has formed a potential top signal that forecasts a sell-off. The weekly chart also points to a bearish divergence, which adds credence to the bearish outlook. Investors can expect BTC to consolidate between the $52,062 to $45,160 levels.

More Bitcoin News

XRP price plunges as Kraken cites SEC v. Ripple lawsuit in its legal battle against the regulator

XRP price plunges as Kraken cites SEC v. Ripple lawsuit in its legal battle against the regulator

XRP price inches closer to support at $0.52 after the recent developments related to the SEC’s lawsuit against Ripple. Kraken cited a key part of the SEC’s lawsuit against Ripple that could impact the outcome of its own legal battle against the regulator. 

More Ripple News

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin: BTC likely to correct to $50,000 soon

Bitcoin price has formed a potential top signal that forecasts a sell-off. The weekly chart also points to a bearish divergence, which adds credence to the bearish outlook. Investors can expect BTC to consolidate between the $52,062 to $45,160 levels.

Read full analysis

BTC

ETH

XRP