{"id":55572,"date":"2023-11-22T09:47:53","date_gmt":"2023-11-22T09:47:53","guid":{"rendered":"https:\/\/www.etfworld.com\/co.uk\/?p=55572"},"modified":"2023-11-22T14:14:19","modified_gmt":"2023-11-22T14:14:19","slug":"xs-the-future-of-the-crypto-market-4-3-billion-fine-and-imminent-economic-concerns","status":"publish","type":"post","link":"https:\/\/www.etfworld.com\/co.uk\/xs-the-future-of-the-crypto-market-4-3-billion-fine-and-imminent-economic-concerns\/","title":{"rendered":"XS : The Future of the Crypto Market: $4.3 Billion Fine and Imminent Economic Concerns"},"content":{"rendered":"
XS<\/strong> :\u00a0The price movement in the crypto market, led by Bitcoin, has experienced fluctuations, currently trading at $36,762 amidst volatile price swings.<\/h5>\n

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Analysis of Mohamad K. Ibrahim, Group CEO XS.com
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Prices briefly touched $37,800 following global news agencies reporting on Wednesday that the U.S. Department of Justice imposed a $4.3 billion fine on Binance. This development coincided with the resignation of the company’s CEO, Zhao. This comes after recent legal actions taken by the U.S. Securities and Exchange Commission (SEC) against Binance, the world’s largest cryptocurrency and token trading platform.<\/p>\n

Reports suggest that the agreement between Binance and the U.S. Department of Justice will allow Zhao to retain the majority of Binance’s shares, provided he acknowledges the charges against him and refrains from holding any executive position in the company in the future.<\/p>\n

The news, coupled with economic data indicating that inflation in the United States may decrease to 1.6% in 2024, potentially allowing the U.S. Federal Reserve to lower interest rates next year, could be a strong motivator for the continued rise of high-risk assets such as technology stocks and cryptocurrencies in the short and medium term.<\/p>\n

Among the factors driving the recent uptrend in the crypto market is the passage of a temporary funding bill by the U.S. House of Representatives to secure government financing until the end of next year, preventing a federal government shutdown. The approval of this bill is expected in the coming week.<\/p>\n

In my view, a government shutdown could have led to a 10% decline in Bitcoin, but now a long-term bullish scenario may unfold, with Bitcoin reaching $45,000 by the end of this year. This is especially plausible as expectations grow that approval for a Bitcoin exchange-traded fund (ETF) may occur at any time in the coming weeks or months.<\/p>\n

On the chart, Bitcoin’s price dipped by 1.64% or approximately $589 to $36,870 after the news of Binance’s trial and the CEO’s resignation today. However, prices remain stable in the positive zone above the support level, aligning with the 200-day moving average at $34,500, maintaining the upward price trend in the short and medium term.<\/p>\n

Source: ETFWorld.co.uk<\/p>\n","protected":false},"excerpt":{"rendered":"

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