Bitcoin was in the range of 35632-37555 during the day. The dip below 36K was short-lived and ended with a quick return to the previous range.
Now Bitcoin costs 36362. Market capitalization is 1.37 trillion, dominance index 51.7%, fear index 62.
The topic of the day yesterday was the resolution of the Binance story. Binance's agreement with the US Department of Justice looks more like a capitulation. And not even particularly honorable.
1. The exchange pays a fine of $4.3 billion
2. CZ admits guilt, leaves the post of CEO of the exchange, and officially should not have any influence on the subsequent activities of the exchange.
3. Binance is completely leaving the US
4. An observer from the US government is appointed for 5 years. Which will monitor the exchange's compliance with the sanctions compliance program.
5. During this time, the US Treasury Department will have access to all Binance data and systems.
A year ago, after the collapse of FTX, Binance reigned supreme in the market. Now, after such an agreement, staying in the TOP 10 at the end of next year will be an achievement.
But they could have remained No. 1 if they had had the courage to make a non-standard solution - leave toxic jurisdictions, concentrate on Asia, Africa and Latin America (and Russia, of course), obtain licenses in jurisdictions with negotiable regulators, work with minimal KYC/AML
Positive.
There was certainty. The agreement has been concluded, the terms are known, the consequences are clear. The threat of Binance collapse, which threatened the market throughout 2023, has been eliminated. Yes, they will no longer be market leaders, but they will work and will not bring problems to the market.
Such gloomy news (essentially, the drain of the former exchange No. 1) did not collapse the market. Bitcoin has not even reached the lower limit of the range. And the market’s resistance to negativity is an important sign of rapid growth.
Perhaps CZ will leave to lead Trust Wallet, which was recently separated from Binance. This would be a strong move and a good story for TWT
The priority option for today is Bitcoin in a range with a lower limit at 36000-35800 and an upper limit at 37500-37800
Alternative - fixation below 35800
