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COINTURK NEWS > Cryptocurrency News > Understanding the Latest Cryptocurrency Market Dynamics and Future Predictions
Cryptocurrency News

Understanding the Latest Cryptocurrency Market Dynamics and Future Predictions

In Brief

  • We continue our journey that started with “Uptober” into a November rise; however, there is a definitive need for more. Only hours remain until the weekly close, and both bulls and bears will battle for a close in their favor. Bitcoin has once again dropped below $38,000 a few hours ago. So, what caused the […]
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COINTURK NEWS 1 year ago
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We continue our journey that started with “Uptober” into a November rise; however, there is a definitive need for more. Only hours remain until the weekly close, and both bulls and bears will battle for a close in their favor. Bitcoin has once again dropped below $38,000 a few hours ago. So, what caused the decline?

Contents
Why Did Bitcoin Fall?Excitement Over ETFs Diminishes

Why Did Bitcoin Fall?

On November 21, the DOJ announced sanction actions related to CZ and Binance with significant noise. Up to that point, everything was acceptable, even market-boosting. However, what confused investors was the decision to prohibit CZ from leaving the country before the trial verdict. This raised questions about whether the former CEO would receive a prison sentence.

CZ, who had already announced he would provide remote consultancy services, may negatively impact Binance’s reputation if he ends up in prison. On the other hand, new CEO Teng stated today that the senior management would continue in their roles as before.

One of the main reasons for the decline was that large traders reduced their long positions in futures trades one way or another. The closure of a long position worth 8,000 BTC brought the BTC price below $38,000. This could reflect a decision mirroring both profit-taking motivation and a desire by investors to balance risk.

Nevertheless, we may see an increase/decrease in position size as we approach the monthly close, as the direction of volatility will be determined after the monthly close.

Excitement Over ETFs Diminishes

The SEC postponed its decision on Grayscale’s Ether futures ETF on November 15. Some analysts believe the 19b-4 form submitted by Grayscale could be a potential “Trojan horse” for the agency. BlackRock thinks there is no longer a legitimate reason for the SEC to reject ETFs. ETF applications by Hashdex and Global X on November 17 and by Franklin Templeton on November 28 were postponed. For now, investors are waiting for January.

On November 29, short positions took over again, indicating that ETF excitement has diminished for now, at least until January approaches. In the short term, the cryptocurrency market will continue to battle multifaceted challenges, but the SEC’s decision will be a pivotal turning point.

  • Bitcoin drops prompt market scrutiny.
  • ETF anticipation wanes with regulatory delays.
  • SEC decisions key to crypto’s next moves.
You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 30 November, 2023 - 2:09 am 30 November, 2023 - 2:09 am
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