FXOpen
During November, the price of bitcoin increased by approximately 10% in anticipation of the launch of a bitcoin ETF. But the positive sentiment of crypto investors is seriously overshadowed by news regarding Binance:
→ Changpeng Zhao resigned as head of Binance.US, pleading guilty to money laundering charges. He also agreed to pay $50 million in a lawsuit from the US Department of Justice, and his company will have to pay $4.3 billion. This fine to Binance was one of the largest in the history of punishment of corporations. In addition, Zhao faces up to 10 years in prison. The judges banned him from leaving the United States until the proceedings are completed.
→ Cristiano Ronaldo was sued for $1 billion for advertising Binance. This was done by people who claim they suffered losses by buying unregistered securities that the sports star was promoting.
Meanwhile, the BTC/USD chart shows signs that demand forces are losing confidence, although the price is moving within an ascending channel (shown in blue).
Notice that the November 29 top was only a few dollars higher than the previous November 24 top. This short-term excess suggests that there is no sustainable predominance of demand over supply in the market around the level of $38 thousand per Bitcoin, and the top on November 29 is nothing more than a bull trap.
In such conditions, perhaps more attention should be paid to the idea of testing the lower boundary of the current channel.
FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.
*Important: At FXOpen UK, Cryptocurrency trading via CFDs is only available to our Professional clients. They are not available for trading by Retail clients. To find out more information about how this may affect you, please get in touch with our team.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Stay ahead of the market!
Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.
Latest articles
Intel (INTC) Shares Surge by Approximately 14%
As shown in the Intel (INTC) stock chart:
→ Trading opened yesterday with a strong bullish gap.
→ By the end of the session, shares had risen by approximately 14% compared to the previous day's closing price.
According to Dow Jones Market
Gold Price Nears $3,000 for the First Time in History
As shown in the XAU/USD chart today, gold is at a record high, just $5 away from the key psychological level of $3,000. Moreover, on the futures market, COMEX data indicates that gold futures have already surpassed this
What Is Dollar-Cost Averaging (DCA) in Investing and Trading?
Dollar-cost averaging (DCA) is a popular strategy used by investors and traders to manage market fluctuations and build positions over time. Instead of trying to time the market, DCA focuses on consistent, regular investments regardless of price movements. This article