Ongoing SEC cases with Binance, Coinbase, Kraken, and Ripple underscore increased regulatory challenges for the crypto market.
Coinbase (COIN) sees its share price reach $121, marking the first occurrence since May 2022.
Crypto falls amid global market quietness. Data-heavy week with consumer confidence, inflation, GDP updates ahead. Fed concerns.
Over the past 24 hours, the cryptocurrency markets saw a positive trend, leading to a 2-point rise in the "Greed and Fear Index." As a result, the current reading on the index is 68 on its 0 to 100 scale.
Bitcoin (BTC) maintained a position above $37,000 early Tuesday, asserting its status as the oldest and most valued cryptocurrency.
Popular altcoins like Ethereum, Solana, Ripple, Litecoin, and Dogecoin experienced marginal declines.
Uniswap (UNI) emerged as the top gainer, showing a noteworthy 24-hour increase of over 5.60%.
Conversely, Blur (BLUR) continued to be the most significant loser for the second consecutive day, with a 24-hour dip approaching 10.30%.
The global crypto market cap stands at $1.42 trillion, reflecting a 1.07% decrease in the last day.
In the last 24 hours, the overall crypto market volume rose by 20.10% to $44.31 billion.
DeFi contributes $4.78 billion, accounting for 10.79% of the total 24-hour crypto market volume.
Stable coins contribute significantly, with a volume of $40.37 billion, representing 91.11% of the total crypto market 24-hour volume.
Despite global market calm, cryptocurrencies dropped. The week brings crucial economic updates, including consumer confidence, inflation, GDP, and PMI from major economies. The release of the Fed's preferred PCE-based inflation readings in the U.S. and Fed Chair Powell's end-of-week speech heightened market anxiety.
Coinbase CEO Brian Armstrong sees closure for the crypto industry amid Binance's $4.3 billion settlement with U.S. regulators. He emphasizes regulatory clarity's pivotal role for institutional investment and challenges crypto's negative reputation, citing less than 1% involvement in illicit activities. Coinbase expands in the U.K., commending Prime Minister Rishi Sunak's approach.
As the U.S. SEC delays a decision on a spot Bitcoin ETF, the rising Bitcoin price, coupled with anticipation for the first-ever ETF approval and the upcoming Bitcoin Halving, creates an optimistic outlook. Macro guru Dan Tapiero predicts a conservative $100,000 BTC price in the 2025 bull run, citing historical halving event trends.
In the aftermath of Binance founder CZ's guilty plea, the SEC seeks evidence of potential backdoor access to Binance US assets. Binance faces legal challenges, contrasting with Coinbase's stock growth, reaching a new peak at $121. Newly appointed CEO Richard Teng emphasizes enhanced regulatory compliance and a shift towards building trust.
Solana-based DeFi platform Jito introduces its governance token, JTO, advancing decentralized governance. With a 100 million JTO token airdrop, Jito empowers its user base, including JitoSOL holders and Solana validators. The Jito Foundation oversees a fair distribution, retaining 250 million JTO tokens for further development and community initiatives.
Hong Kong police launch a comprehensive investigation into crypto platform Hounax following reports of fraud from over 130 individuals, resulting in losses of $15.4 million. Hounax, posing as a legitimate trading platform, attracted victims through false promises, social media, and WhatsApp, prompting urgent actions by local authorities to make imminent arrests and prevent further victimization.
Exciting news for the XRP community as the fixNFTokenRemint upgrade successfully deploys on the XRP Ledger mainnet with an impressive 85.71% community consensus. Addressing NFT challenges, the upgrade alters sequence numbers, preventing repetitive minting, and introduces an account deletion restriction for enhanced security. This aligns with XRPL's commitment to continuous improvement.
Evernode, the Layer-2 smart contract platform on the Xahau Network, announces its much-anticipated airdrop for XRPL account holders, marking a shift from the XRP Ledger. The airdrop, based on XRP holdings as of September 1, 2023, requires registration and trustline establishment on Xahau before December 11, with the distribution scheduled for December 18, 2023. Users are encouraged to follow detailed instructions for a smooth experience.
TrueUSD (TUSD), a stablecoin with a $3.1 billion market cap, briefly depegged on November 22, dropping to $0.9976 before restoring its peg. Large sell orders, including a $3 million order, triggered the dip, causing potential slippage and impacting users redeeming TUSD on Binance. TUSD faced earlier security concerns in October.
COIN GABBAR Views: Is the bearish wind arriving as the Bitcoin bull run pauses? Will BTC struggle to cross $38K, and can the crypto market reach $1.50 trillion by month-end? Does the "buy the dip" strategy work now? Will BTC close the month at $35,000 or $40,000? To get latest news Stay tuned us at www.coingabbar.com
Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.
For More News: Crypto Daily Roundup, 27 Nov: BTC Hold stable Amid Altcoin Turmoil
