24 Crypto Update, 22 Nov: Binance DOJ Settlement Spurs BTC ETF Hope

Traders assess Binance's DOJ settlement, fueling BTC ETF optimism.

BlackRock engages with SEC on spot Bitcoin ETF concerns.

OpenAI announces agreement for Sam Altman's return as CEO.

Grayscale Investments meets SEC to discuss GBTC transformation into spot Bitcoin ETF.

Major Events To Watch:

Crypto Fear and Greed:

In the last 24 hours, the cryptocurrency markets reflected a prevalent buying sentiment, leading to a 4-point surge in the "Greed and Fear Index." Consequently, the index now registers at 66 on its 0 to 100 scale.

Latest Market Update: 

• Bitcoin, the pioneering and highest-valued cryptocurrency, surged close to $38,000 on Thursday.

• Ethereum, Solana, Uniswap, Cardano, and Dogecoin also show positive trends. Market outlook appears uncertain for the coming days.

• Notably, BlurToken led gains, rising 28%, while Synthetix recorded the largest decline, falling 6% in the past 24 hours.

• The 24-hour crypto market volume surged by 25.43%, reaching $69.82 billion.

• DeFi's current 24-hour volume stands at $7.06 billion, constituting 10.10% of the overall crypto market volume.

• Stablecoins contribute $62.93 billion to the total 24-hour crypto market volume, comprising 90.13%.

• Bitcoin's dominance is currently at 52.60%, reflecting a 0.30% decrease over the day.

Major Worldwide News Update:

Following a $4.3 billion settlement, ex-Binance CEO Changpeng Zhao faces US prosecutors' pressure to stay in the United States until his February 23, 2024, sentencing for violating money laundering laws. Despite a $175 million bond, the Department of Justice seeks restrictions on Zhao returning to the UAE. Uncertainty looms over potential prison time despite significant fines, with the crypto community observing Binance's transformative phase under monitors.

FTX's FTT token experienced a significant 55% rally in the last 48 hours, up 337% monthly, amid Binance's challenges. The top 10 whale wallets accumulate $12.8 million worth in 19 days. FTX's strategic asset transfer and potential "FTX 2.0" phase contrast with Binance's $4.3 billion settlement, driving institutional interest in FTT.

Grayscale Investments has submitted a revised spot Bitcoin ETF filing to the SEC following constructive talks. The amended filing, aimed at converting GBTC, reflects changes, including a shortened line on cash orders and removed risk disclosure pages. Grayscale engages in discussions with the SEC to potentially secure approval for the first spot Bitcoin ETF in the United States.

The UK government, led by Chancellor Jeremy Hunt, announces the Digital Securities Sandbox (DSS) as part of its economic growth strategy. Scheduled for Q1 2024, the DSS aims to integrate digital assets into financial markets by providing a regulated environment for technology exploration. Legal experts applaud the initiative for fostering financial innovation.

Polygon's zkEVM Mainnet Beta undergoes an upgrade on November 23 at 13:00 UTC, lasting around 30 minutes with no disruption to network activities. Developers need to upgrade nodes, provers, and bridges for optimal performance. The update brings significant changes to zkEVM infrastructure, including RPC, sequencer, synchronizer, and databases, along with Websocket improvements. Introduced earlier this year, zkEVM enhances DApp deployment on the Ethereum blockchain.

The U.S. Court of Appeals upholds the detention of FTX founder Sam Bankman-Fried, facing charges of defrauding customers. His pre-trial release violation, including tampering with witnesses, led to tightened conditions. In related news, Binance CEO Changpeng Zhao resigns amid ongoing settlement discussions with the U.S. DOJ, reflecting a broader trend of crypto exchanges settling charges with regulators.

Coinbase intensifies its call for clear crypto regulation in response to the SEC's recent actions against Kraken. Coinbase's legal team, unsatisfied with the SEC's promise of a crypto rulemaking status report by December 15, asserts the need for decisive regulatory standards, emphasizing the industry's murky landscape and the importance of clear, consistent regulations.

DeFi Technologies' subsidiary, Valour Inc., announces the launch of an XRP exchange-traded product (ETP) in early December 2023, offering European investors exposure to the fifth-largest cryptocurrency. The XRP ETP will be available on a major European exchange, reflecting Valour's commitment to meeting the increasing demand for diverse digital asset investments in the region. Valour plans to expand its ETP offerings beyond crypto, including traditional assets.

COIN GABBAR Views: Are bulls currently grappling with the $38k resistance level, and is the next potential target for Bitcoin anticipated to be $50,000? In the context of 2023, is there an expectation for Bitcoin to achieve a new all-time high? Is the ongoing surge in cryptocurrency just the beginning, and are bulls poised to overcome the $38 resistance? Is the resurgence of bulls on the horizon? 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, 22 Nov: Crypto Plunges Amid Exchange Turmoil