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Crypto News

Bitcoin Maintains Momentum Above $37K Amidst Binance Settlement News

Author

Jay Solano

Tags

Tags Editor's Choice / Slider Posts

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Editor's Choice / Slider Posts

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Editor's Choice, Slider Posts

Reading time

2 mins
Last update

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Despite initial volatility, cryptocurrency markets have seen an upward trend this week, with Bitcoin (BTC) surpassing $37,400, marking an increase for the week. The positive sentiment comes despite the recent developments involving Binance, the world’s largest cryptocurrency exchange, which faced a $4.3 billion fine and witnessed its CEO, Changpeng “CZ” Zhao, plead guilty and step away from the company.

The week began with uncertainty, as leaked news of a potential massive settlement for U.S. criminal charges against Binance rattled crypto markets. Confirmation of the $4.3 billion fine and CZ’s departure led to a temporary dip in Bitcoin’s price below $36,000.

However, markets have since rebounded, with Bitcoin now up by approximately 1.5% over the past 24 hours, approaching the $37,400 level. The broader CoinDesk Market Index (CMI) has also shown positive movement, with more than a 2% gain over the past 24 hours. Ether (ETH) has led the way with a 5% increase, while Solana (SOL) and Chainlink (LINK) both recorded 6% gains.

Beyond the headlines, some observers believe that the resolution of the Binance situation could pave the way for the U.S. Securities and Exchange Commission (SEC) to finally approve a spot Bitcoin ETF. They suggest that the Binance settlement and CZ’s departure may have alleviated the SEC’s concerns regarding potential overseas manipulation of Bitcoin prices.

Cryptocurrency services provider Matrixport noted, “With this plea deal, the expectations for a spot Bitcoin ETF might have increased to 100% as the industry will be forced to follow the rules that TradFi firms must follow.”

Economist Alex Kruger also commented on the development, stating, “Binance uncertainty out of the way. Its activities will now be monitored by an independent compliance monitor. Waiting for the market to agree with me that this is actually bullish.”