Top Crypto Gainers Today on DEXTools – PEPEPE, CZ, SNAPCAT
Blue-chip cryptocurrencies are pumping on Wednesday amid a market-wide relief rally as traders digest recent news relating to Binance, the world’s largest cryptocurrency exchange.
News broke on Tuesday that Binance had reached deals with the US Department of Justice and Commodity Futures Trading Commission (CFTC) to settle to lawsuits by paying fines in excess of $7 billion, sending Bitcoin (BTC) briefly as low as the $35,700s.
But the cryptocurrency has since rebounded around 4.5% on Wednesday, with some analysts noting that 1) the Binance news hasn’t triggered a dramatic rush to withdraw crypto from the platform, whose reserves continue to look strong and 2) that the deal increases the likelihood that the SEC approves spot Bitcoin ETFs in the coming months.
Fears about Binance’s troubles with regulators and authorities in the US had been hanging over the crypto market head for months, and while a lawsuit with the SEC remains unsettled and outstanding, some analysts said that the latest settlement means less “FUD” (fear, uncertainty and doubt) in general for the market.
All crypto fear, uncertainty and doubt (FUD) has just been liquidated.
When the market finds a bottom on this Binance news, all sources of FUD from the last two years will have been eliminated.
The market is currently panicking on news headlines which have "guilty" and crypto…
— Charles Edwards (@caprioleio) November 22, 2023
Meanwhile, JP Morgan said that the Binance settlement removes “systemic risk” from the crypto market, which is a positive.
Bitcoin has subsequently swung nearly $2,000 higher versus earlier lows and was last trading in the $37,600s, with bulls eyeing a potential break to the north of resistance around $38,000.
Ether (ETH), meanwhile, was
Read more on cryptonews.com
