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Updated 11:08 IST, November 23rd 2023

Crypto market recovers after CZ’s resignation, Bitcoin gains 2.5%

Richard Teng will take over the charge as new CEO of Binance. Teng has an impeccable track record in financial services and regulatory compliance.

Reported by: Business Desk
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Changpeng Zhao, Co-Founder, Binance
Changpeng Zhao, Co-Founder, Binance | Image: Twitter

Crypto market overview: The crypto market recovered from the latest regulatory action against Binance as the overall crypto market showed a strong rebound. The resignation of Changpeng Zhao, Co-Founder, Binance, as exchange’s CEO has positively affected the market. 

Since yesterday, Bitcoin has gained around 2.5 per cent while Ethereum has gained more than 3.89 per cent. However, continuing its positive upsurge, Solana has gained more than 7 per cent in the last 24 hours and currently trading at $2067. 

Image credit: Alternative.me

CoinDCX Research Team while talking to Republic shared their insights. CoinDCX said, “BTC made a push towards the $38,000 significant key level but encountered resistance, currently trading around $37,300. Meanwhile, ETH outperformed BTC with a substantial 5 per cent increase, now holding above the crucial $2,010 level and eyeing the next resistance at $2,130.”

“The positive momentum can be attributed to two key factors. Firstly, comments from an SEC Commissioner expressing support for a Spot Bitcoin ETF boosted sentiment, prompting BTC to approach the $38,000 level. Secondly, the resolution of issues with Binance, including the departure of CEO CZ, is seen as a positive development that may alleviate SEC concerns about overseas manipulation, raising optimism for the approval of a spot bitcoin ETF,” CoinDCX Research Team added. 

Rajagopal Menon, Vice President, WazirX, “The recent Federal Reserve meeting hasn't completely dismissed the potential for a future rate hike if economic conditions necessitate. The pace of economic growth appears to have slowed, potentially influencing upcoming policy decisions.”

CoinSwitch Markets Desk said, “As a popular news outlet published the news of the SEC Secretary saying there is no way for them to stand in the way of a spot Bitcoin ETF, BTC again tested the $37,500 level but failed to go past $38,000 which has been acting as a resistance band for around two weeks now.”

“BTC has recovered all of the losses it made the previous day when the US Department of Justice announced its actions against Binance. It will be interesting to see whether BTC can sustain this price action, or even outperform previous days. Bitcoin has historically been anti-fragile to such events, hinting that it has grown in value even if the industry news is slightly negative,” CoinSwitch added. 

Sudeep Saxena, Co-Founder, Coin Gabbar, said, “The cryptocurrency market experienced a strong rally, fueled by the crypto community's positive perception of Binance's resolution with the DOJ. Traders are scrutinising Binance's settlement with the United States Department of Justice (DOJ), reigniting optimism for the imminent approval of a spot BTC exchange-traded fund (ETF).” 

Edul Patel, CEO, Mudrex, also focused on the impact of the Bitcoin ETF approval in the crypto market. Mudrex said, “The price of Bitcoin has increased to trading above the $37,300 level today, as market participants anticipate that recent regulatory actions in the US could result in positive news regarding a Bitcoin spot ETF. The prevailing market sentiments are optimistic, with bullish efforts concentrated on sustaining and growing the existing momentum. Furthermore, Ethereum has breached the $2,000 level, and altcoins Solana and Avalanche have both witnessed growth exceeding 8 per cent and 7 per cent, respectively.”

Crypto price prediction

Shivam Thakral, CEO, BuyUcoin, said, “In the long term, leadership change at Binance could bring in a fresh management perspective and steer the crypto giant towards a more mature phase of growth. However, we may witness high volatility in the markets in the short term as traders will closely watch the developments between Binance and DOJ.” 

“Richard Teng, the new CEO of Binance, has an impeccable track record in financial services and regulatory compliance. He is well-equipped to enable Binance to address its regulatory issues and create a more compliant environment within the organisation,” added Thakral. 

Vikram Subburaj, CEO, Giottus gave his insights into the crypto market and shared a list of altcoins that you should look forward to in the coming week. 

Subburaj said, “Bitcoin has regained the $37,000 level today as the market overcame concerns regarding Binance’s settlement with US DoJ. Key altcoins have bounced strong with Ethereum crossing $2,050 and Solana gaining 8% to trade at $58 today. With its move today, Bitcoin has preserved its market structure and looks well positioned to take on key resistance at $38,000 post which $40,000 becomes a possibility.” 

“Key upward targets for altcoins post this week’s healthy correction are Ethereum ($2,100), Solana ($60), Cardano ($0.4) and BNB ($240),” Subburaj added. 

Published 11:08 IST, November 23rd 2023