24 Crypto Update, 08 Nov: Crypto Market Witnesses Bullish Stranglehold

### Bitcoin Surges Past $36,000 as ETF Approvals Loom

Bitcoin pushes $36,000 amid looming ETF decision

On Thursday morning, the price of Bitcoin went up and crossed the $36,000 mark after staying steady for a while. There's a chance that the U.S. Securities and Exchange Commission might approve all 12 pending requests for Bitcoin exchange-traded funds (ETFs) in the next eight days.

The total crypto market volume over the last 24 hours is $67.40B, which makes a 4.98% increase. The total volume in DeFi is currently $4.84B, 10.32% of the total crypto market 24-hour volume. The volume of all stable coins is now $42.26B, which is 90.04% of the total crypto market 24-hour volume.Bitcoin’s dominance is currently 51.70%, an increase of 0.21% over the day.

Major Events To Watch:

Crypto Fear and Greed:

The cryptocurrency market saw a big increase in buying, pushing the "Greed and Fear Index" up by 3 points. Currently, the index is at 69 out of 100.

Latest Market Update: 

The digital asset market continued its upward momentum on Thursday. Bitcoin surged beyond $36,000 after a prolonged period of consolidation, and other prominent cryptocurrencies such as Ethereum, Solana, Bitcoin Cash, BNB, and ADA also recorded gains. Mina outperformed the rest, with a remarkable 21.50% increase in a 24-hour period, while Trust Wallet Token fared the worst, experiencing a decline of more than 13.70% during the same timeframe.

Major Worldwide News Update:

• SEC Chair Gary Gensler emphasizes intensified cryptocurrency regulation to combat fraud. The SEC has doubled its Crypto Assets and Cyber Unit and initiated 760 enforcement actions in the last fiscal year. Gensler stresses the need for clear use cases and compliance with existing financial regulations in the crypto industry.

• The SEC rejects Binance's attempt to dismiss the lawsuit, arguing that it's based on legal misinterpretations. Binance's activities, including BNB token and staking programs, are seen as securities violations. The legal dispute centers on the SEC's regulatory scope in the cryptocurrency industry.

• Top Bloomberg ETF analysts express a 90% confidence in a potential spot Bitcoin ETF approval by the US SEC, possibly by January 2024. The analysts suggest a brief approval window opening on November 9, allowing the approval of multiple Bitcoin ETF applications, including Grayscale's GBTC, and expect more positive developments in the near future.

• Senator Ted Budd introduces the "Keep Your Coins Act" in the US Congress to bolster cryptocurrency security. The legislation aims to empower individuals to maintain control over their digital assets, reducing reliance on centralized platforms and safeguarding user autonomy. Bipartisan support echoes this push for crypto self-custody.

• Ripple's CEO, Brad Garlinghouse, plans to escalate the XRP lawsuit with the SEC to the Supreme Court. The SEC had initially indicated interest in an appeal, and the recent developments indicate the case may reach the highest court. Garlinghouse expressed confidence in Ripple's legal position, mentioning a revoked settlement offer as a sign of their stronger position compared to 2021.

• OPNX exchange secures a virtual asset service provider license (VASP) in Lithuania, allowing it to offer spot crypto trading services throughout the European Union. The move highlights OPNX's commitment to regulatory compliance and expansion within the EU. Additional licenses may be pursued for broader service offerings in specific EU jurisdictions.

• The troubled cryptocurrency exchange FTX is in the final stages of an auction to potentially emerge from bankruptcy. Bullish, Figure Technologies, and Proof Group are top contenders to acquire and revive the platform, with approximately 9 million users. Founder Sam Bankman-Fried faces a lengthy prison sentence for misappropriating customer funds. This development signifies a pivotal moment in the crypto industry with implications for regulatory oversight.

• The Blockchain AI market is projected to reach $3.5 billion by 2032, with the services sector leading the valuation. Integration in financial services, asset tracking, and tokenization plays a crucial role in achieving this estimate. The synergy of blockchain and AI is seen as a powerful combination, enhancing processes across various industries, with data monetization as a key driver.

• The European Banking Authority has proposed regulations for stablecoin issuers to ensure financial stability and risk management. The rules require issuers to back stablecoins with eligible assets and maintain transparency in disclosure and risk management. These guidelines are a precursor to the forthcoming MiCA regulations, aiming to enhance the crypto assets market, with potential implementation by June 2024.

COIN GABBAR Views: Is this the beginning of a new rally? Can Bitcoin's price reach an all-time high by Christmas? Will BTC hit $40,000 following a prolonged consolidation breakout? Will the crypto market exceed $1.50 trillion? 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.

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