Bitcoin Above $37K; Spot ETF Approval In Focus
By Laxmikant Khanvilkar
Leading virtual digital assets (VDAs), staged a strong comeback in the last 24-hours, led by bullish investor sentiment ahead of spot ETF approval and shrugging off recent negative news flows.
Bitcoin (BTC) rose through $37,400 and now higher for the week, successfully negotiating the after effects of Binance CEO Changpeng “CZ” Zhao resigning from the world’s largest crypto exchange.
BTC initially slumped below $35,000 mark following the development. It has bounced back since, higher by about 3.5% over the past 24 hours and just shy of $37,400.
Ether (ETH) too reclaimed psychologically important level of $2,000. It was currently offered at $2,054 up 5%.
Crypto markets witnessed huge selloff earlier this week on the leak of a potential massive settlement of U.S. criminal charges against Binance, the world’s largest crypto exchange.
CZ resigned from the company and pleaded guilty to several criminal charges from the Department of Justice.
The market observers have noted that the Binance settlement in essence may have cleared the decks for the U.S. Securities and Exchange Commission (SEC) to finally approve a spot bitcoin ETF.
Apparently, thy broader markets are gaining strength. A 6% advances for Solana (SOL) and Chainlink (LINK), substantiates their view.
As a result, the global crypto market cap increased 4.4% to $1.42 tn, in the last 24-hours. Conversely, the total crypto market volume decreased 13.9% to $58.2 bn. The total volume in DeFi is currently $5.6 bn and all stablecoins $51.9 bn, representing 9.7% and 89.2% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 51.6%, down 0.2% over the day.
IC15 index, the barometer of top fifteen tokens, surged 4% to 47,300.
Meanwhile, experts believe that Binance is now monitored by an independent compliance authority is actually bullish.
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