ANALYSIS ON BITCOIN AND THE FUTURE OF THE CRYPTO MARKET
The last few weeks of bitcoin has become very volatile with so many directions going up and down within timeframes. This is due to various news that gave both positive and negative impact on the market.
Recently in these past few days, Bitcoin (BTC) showed how strong its supports are, despite all the dump and selling pressures cause by the fuds. Now, Bitcoin is currently making a bullish trend with a slight pullbacks from time to time.
What makes bitcoin strong and bullish?
2 things are the main reason why bitcoin keeps coming back and making new yearly highs.
First (1) is the ETF News, this news alone pump bitcoin from 30k to 35k in a day a two. Everyone is now anticipating the confirmation of a spot ETF for Bitcoin. For all who does not know what a spot ETF is, it will be the first crypto investment vehicle that will give ordinary investors exposure to Bitcoin !! This means there's a potential that billions of dollars will enter the market and push BTC into 100k real quick !!! ✅️✅️✅️
Second (2) The catalyst of the bullrun, none other than, the HALVING. This is where the amount of mined Bitcoins is divided in half making Bitcoin much difficult to mine. That means less supply for the market and more demand by retailers.
With this two alone, Bitcoin could continue the bullrun and head straight to make its all time high. As of now, even with the recent resignation of binance CEO CZ, nothing is stopping BITCOIN upward.
Because of ETF news, the BTC is again pumping hard, should we buy now? is this the bull run? we'll never know. This could be another bull trap like the last few weeks.
In this kind of time, reading news is better than reading the market.
Take time to read guys! Knowledge is power!!!
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TheNewsCrypto
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Binance CEO Pleads Guilty, Settles DOJ Case At $4.3 Billion
As part of the plea agreement, CZ would be able to keep his majority share in Binance.
The WSJ reports that CZ plans to enter guilty pleas on many offenses brought by the DOJ.
According to a WSJ article, Binance CEO Changpeng Zhao (CZ) has decided to resign ahead of the DOJ’s announcement that it had settled with the cryptocurrency exchange for $4.3 billion.
The WSJ reports that CZ plans to enter guilty pleas on many offenses brought by the Department of Justice. The publication said that on November 21, he would be present in a Seattle federal court to make a plea. Also, he is expected to enter a guilty plea on “a criminal charge” pertaining to the violation of Anti-Money Laundering regulations as per WSJ.
As part of the plea agreement, CZ would be able to keep his majority share in Binance. Moreover, he probably won’t go to prison, but he can’t be an executive there either.
Potential Settlement Underway
Moreover, the U.S SEC, which accused Binance of acting as an unregistered securities and clearing platform, will not be involved in the proposed settlement accord. Many assumptions about the potential settlement are being made at this time. It is still unclear whether Binance would pay the entire amount of $4 billion that the DOJ requested or a new amount is agreed upon.
The exchange has been reportedly under investigation by the Department of Justice (DOJ) since 2018 for possible violations of KYC and Anti-Money Laundering (AML) regulations regarding the access of sanctioned persons to the platform.
At the time of writing, Bitcoin is trading at $36,863, down 1.86% as per data from CoinMarketCap. Moreover, Binance’s BNB token is down 6.12% in the last 24 hours. Investors and traders will be watching this ongoing settlement closely since the conclusion will undoubtedly affect the cryptocurrency market overall.
Highlighted Crypto News Today:
Bittrex Global Shuts Down Months After U.S Subsidiary Closure
Disclaimer: This news is unverified as we are yet to have an official word from CZ or Binance.
The market has become so volatile right now with so many happenings especially the news regarding ETF and Binance.
If you are looking to profit from this massive spread, I suggest you make a short term trading, or scalping. This way you dont have to stay too long on the market and just get away with your profits.
In this kind of times, taking profits is important.
Sorry if I'm not posting a lot today. I'm struggling to read the possible movement of $BTC and other altcoins but it's no use.
The market today is so volatile especially bitcoin. A small move by bitcoin causes big movement from altcoins that's why its dangerous to open any position right now.
I'm suggesting everyone to be careful opening position, and make sure to manage your risk.
Most importantly, protect your capital, the market will still be here tomorrow.
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