Major cryptocurrencies experienced mixed trading on Thursday evening, on the eve of Thanksgiving.
What Happened: The recent developments surrounding Binance and its former CEO Changpeng Zhao have marked a significant shift in the crypto industry.
Binance’s settlement with the Department of Justice, involving a payment of $4.3 billion in fines, stands as one of the largest corporate settlement cases in the history of the United States. Furthermore, following his resignation as CEO, Zhao has been fined $50 million and is required to post a $175 million personal recognizance bond. There is also the possibility of an 18-month prison sentence, with a hearing scheduled for Feb. 23.
The data compiled by CryptoQuant suggests that Bitcoin is being transferred from Binance to Coinbase. In the past 24 hours, Coinbase’s reserves have experienced a significant increase of approximately 12,000 BTC. In contrast, Binance’s reserves have decreased by 5,000 BTC.
The global crypto market cap currently stands at $1.42 trillion, reflecting an increase of 0.01%in the past 24 hours.
The Federal Reserve’s latest meeting notes, released on Tuesday, indicated that monetary policy will remain restrictive, and no indication was given of any plans to cut interest rates in the near future.
The New York Stock Exchange is closed for Thanksgiving on Thursday and will close early on Friday.
Analyst Notes: Cryptocurrency analyst Michael Van de Poppe suggests that the next surge in altcoins is on its way.
“The significance of a spot Bitcoin ETF is large and given the recent news items, the odds of an approval are increasing, so coming weeks are most likely continuing the upwards momentum. We’re in a bull cycle.”
The next run on #Altcoins is currently loading up.
The significance of a spot #Bitcoin ETF is large and given the recent news items, the odds of an approval are increasing, so coming weeks are most likely continuing the upwards momentum.
We’re in a bull cycle.
— Michaël van de Poppe (@CryptoMichNL) November 23, 2023
Matrixport analyst Markus Thielen said that despite the initial perception of the Binance news as a risk-off event, bitcoin only encountered a short-lived correction.
Thielen described it as a “robust counter-trend reaction,” as bitcoin quickly recovered from the $36,000 level.
According to Thielen, it is now inevitable for bitcoin to surge above $40,000. Thielen added,
“We anticipate bitcoin surpassing $38,000 by the end of this month with an 80% probability, followed by a rally above $40,000 in December with 90% probability.”
Produced in association with Benzinga
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