In the world of cryptocurrencies, recent days have been full of dynamic events. Bitcoin, despite difficulties related to the largest cryptocurrency exchange – Binance, surprised the markets by exceeding the barrier of 37 thousand dollars. In the background, there are speculations about the possibility of the U.S. Securities and Exchange Commission (SEC) approving the first Bitcoin ETF. Can the scandal around Binance paradoxically open up new opportunities for the cryptocurrency market?
The recent days in the cryptocurrency market have been full of surprising twists and turns. The key event was the situation related to Binance, the world’s largest cryptocurrency exchange. Despite adversities, Bitcoin showed remarkable resilience, crossing the 37 thousand dollar mark.
The beginning of the week brought news of a potential settlement of Binance with U.S. law enforcement. The next day it was confirmed that the exchange agreed to pay a fine of 4.3 billion dollars. Additionally, the founder and CEO of Binance, Changpeng Zhao, agreed to leave the company, which caused further market turbulence.
Despite these perturbations, the cryptocurrency market showed remarkable resilience. Bitcoin, which at one point fell below 36 thousand dollars, quickly regained its value, rising by about 1.5% in the last 24 hours. Currently, this cryptocurrency is oscillating around 37,400 dollars.
Not only Bitcoin recorded increases. The entire cryptocurrency market, represented by the CoinDesk Market Index (CMI), gained over 2% in value. Among the leaders of the increase were currencies such as Ether (ETH), Solana (SOL), and Chainlink (LINK).
Against the backdrop of these events, there are voices of experts who suggest that the Binance settlement can be interpreted as facilitating the way for the SEC to approve the first Bitcoin ETF. It is expected that this will require the cryptocurrency market to adapt to the rules applicable to traditional financial companies.
Matrixport, a crypto service provider, points out that in light of these events, expectations regarding the approval of a Bitcoin ETF could have significantly increased. Economist Alex Kruger notes that Binance’s activities will now be monitored by an independent compliance controller, which can be seen as a positive signal for the market.
The cryptocurrency market is experiencing another stage of its evolution. Events around Binance and the possibility of approving a Bitcoin ETF shed new light on the future of this dynamically developing industry.
