Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
By Alex Kuptsikevich
Market picture
Crypto market capitalisation rose 2.4% in 24 hours to $1.42 trillion, with gains across a vast range of altcoins from +0.4% (BNB) to +15.6% (Uniswap). The Crypto Fear and Greed Index added 4 points to 66 (Greed), though it’s still some way off the indicator's November peak of 74.
Bitcoin continues to bounce around in an ascending channel, hitting its three-week upper resistance of $37.8K on Wednesday evening. An intensifying sell-off thwarts attempts to heat the price, but the pullbacks have become less deep over the past three weeks, suggesting the building up of bullish sentiment. At the same time, this relative stabilisation in the range removes local overbought conditions, allowing to stick to gains of the previous advance. A break of resistance could see a quick rise above $40K.
XRP received buyers' support on Wednesday after touching the 50-day moving average, giving it a chance to stabilise after a pullback of more than 20% from its early November peak.
However, the buying of Ethereum on its dip below $2,000 on Wednesday was more notable. Active buying in the world's second most-capitalised coin took the price back to $2060, near the top of the range since the 10th of November.
News background
Grayscale met with the SEC to discuss converting the GBTC ETF into a spot bitcoin ETF. Grayscale officials announced that they have signed a fund servicing agreement with Bank of New York Mellon. The institution will act as GBTC's counterparty, facilitating the issuance and redemption of shares.
In a joint statement with the DOJ, US Treasury Secretary Janet Yellen expressed the view that Binance had paid for its greed and non-compliance with the law.
Binance will remain one of the largest crypto exchanges for two to three years. The agreements with US authorities are a positive outcome despite the lack of SEC inclusion, Matrixport believes.
Mt. Gox's creditors will start receiving payments before the end of this year, the bankrupt exchange's trustee Nobuaki Kobayashi assured. However, given the large number of creditors, the payouts will likely continue until 2024. Mt. Gox's creditors have been expecting repayment for nearly a decade, and the payment deadline has been repeatedly postponed.
Meanwhile, the crypto exchange HTX (formerly Huobi) and the HECO network were hacked. Unknown persons withdrew assets worth $110 million. The head of HTX has already confirmed the fact of the hack.
Lastly, former Revolut VP of development Hannes Graah, ex-employee of Coinbase and Spotify, backed by Galaxy Digital, will launch the Zeal cryptocurrency wallet in Q1 2024.
About the author
Alex Kuptsikevich is a financial market professional with 16-years’ experience and a senior financial analyst at FxPro. He is the author of daily reviews on the impact of economic events with comments featured in top international and Russian media. Alex covers fundamental analysis, global markets, the foreign exchange market, gold, oil, and cryptocurrencies in his analytical pieces. As the senior financial analyst at FxPro, Alex is a guest expert in 1-tier global media such as Forbes, Coindesk, Euromoney and Morning Star.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.