24 Crypto Update, 28 Nov: Fed's Waller's Dovish Talk Boosts Crypto

Bitcoin surges past $38K on dovish remarks from Fed's Waller.

• SEC prolongs comment period for Franklin Templeton and Hashdex Bitcoin ETFs.

• Coinbase (COIN) remains in the spotlight as its stock achieves a new peak in 2023 for the third consecutive session.

• SEC actions and persistent legal issues involving Binance, Coinbase, Kraken, and Ripple continue to pose challenges.

Major Events To Watch:

Crypto Fear and Greed:

In the last 24 hours, cryptocurrency markets displayed positivity, causing a 4-point increase in the "Greed and Fear Index," bringing the current reading to 72 on its 0 to 100 scale.

Latest Market Update: 

• In Wednesday's early session, Bitcoin exceeded the $38,000 mark.

• Concurrently, significant altcoins, including Ethereum, Solana, Ripple, Litecoin, and Dogecoin, experienced notable gains.

• SEI token was the top gainer, surging over 30% in 24 hours.

• UNUS SED LEO was the biggest loser, experiencing a 24-hour dip of nearly 3.30%.

• Total crypto market volume in the last 24 hours: $70.90B, up by 59.90%.

• DeFi volume: $5.14B, representing 10.07% of total crypto market 24-hour volume.

• Stablecoin volume: $47.62B, comprising 93.38% of total crypto market 24-hour volume.

• Bitcoin dominance: 52.80%, up by 0.30% over the day.

Major Worldwide News Update:

• The SEC's early update on Franklin Templeton's Bitcoin ETF, ahead of the January 1, 2023, deadline, hints at a streamlined process for potential mass approvals by January 10, 2024. Analysts suggest this move may pave the way for a wave of spot Bitcoin ETF decisions, though immediate launches aren't guaranteed. The market is optimistic amid reports of BlackRock's discussions with the SEC on a spot ETF.

• Fed Governor Christopher Waller indicates comfort with holding U.S. interest rates, expressing confidence in the current policy's ability to slow the economy and achieve a 2% inflation target. Waller suggests potential rate cuts if inflation persists. Analysts interpret the remarks as a countdown to an anticipated pivot, leading to bond yield drops and rate cut pricing in 2024. Fed Chair Jerome Powell is expected to provide additional insights on Friday.

• Digital Currency Group (DCG) and its subsidiary, Genesis Global Holdco LLC, have revised their repayment arrangement to settle a $620 million lawsuit. DCG will pay Genesis around $200 million in the coming weeks, with full outstanding payments due by April 2024. The agreement aims to resolve disputes and avoid prolonged litigation, benefiting both parties amid ongoing legal challenges.

• Coinbase faces a regulatory probe by the CFTC over its involvement with Bybit, a Dubai-based exchange. Users were notified of a subpoena, emphasizing Coinbase's obligation to comply with U.S. laws. Regulatory scrutiny on crypto exchanges, exemplified by ongoing legal challenges, is intensifying, reflecting a broader trend in the industry.

• Interactive Brokers has expanded its services in Hong Kong to include digital asset trading for retail clients in collaboration with OSL, a licensed crypto exchange. Bitcoin and Ethereum can now be traded alongside traditional assets, offering a secure and compliant platform amid the region's regulatory scrutiny and market volatility.

• Standard Chartered believes Bitcoin will reach $100,000 by the end of 2024, citing the cryptocurrency's consistent market dominance and increased hoarding by miners. With Bitcoin already doubling in value this year, the bank anticipates a 160% surge. Other factors, such as potential approval of a spot Bitcoin ETF, also contribute to the positive outlook. Several experts, including Wolfe Research and Dan Tapiero, share a bullish sentiment, with Tapiero predicting the $100,000 mark by 2025.

• Standard Chartered anticipates Bitcoin reaching $100,000 by end-2024, citing its doubled value this year and strong market dominance. Head of FX Research Geoff Kendrick highlights increased miner hoarding and growing market capitalization. The bank expects digital assets' overall market cap to drive BTC upside. Anticipation of a spot Bitcoin ETF approval and varying expert opinions, including Wolfe Research and Dan Tapiero's, contribute to the positive outlook. Tapiero conservatively forecasts the $100,000 mark by 2025.

• Phoenix Group, a UAE-based crypto mining firm, reschedules its IPO on the Abu Dhabi Securities Exchange from December 4 to December 5, accommodating the UAE National Day holidays. The IPO garnered significant interest with a 33x oversubscription rate, reflecting strong investor confidence in Phoenix Group. The UAE's growing interest in crypto is evident, with M2 Exchange obtaining regulatory approval on November 28 to provide crypto services to retail and institutional clients, aligning with the country's goal to become a global blockchain and digital currency innovation hub.

• Binance co-founder Changpeng Zhao (CZ) steps down as Chairman of Binance Holdings Ltd, the US branch, transferring voting rights via a proxy arrangement. Binance US clarifies non-involvement in the $4.3 billion global settlement with regulatory bodies, emphasizing its commitment to growth and compliance. Critics speculate on CZ's move amid increased regulatory scrutiny.

COIN GABBAR Views: Is Bitcoin breaking free from a bearish trap, surging past $38,000, or is it the start of a genuine downturn? Are Bitcoin whales accumulating, providing clues about the next price move? Does this signify the beginning of a bull market? Will the crypto market achieve a $1.50 trillion valuation by month-end? 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.