Bitcoin price is down today as U.S. regulators crack the whip on centralized exchanges and BTC retests the key $37,500 level.
Bitcoin (BTC) price encountered resistance at $38,400 on Nov.
Binance is not an outlier — multiple exchanges are on the hook
The intense investigation by the United States Securities and Exchange Commission into Binance.US and its former CEO, Changpeng Zhao, continues to worry cryptocurrency investors.
The SEC’s recent lawsuit against the Kraken exchange and the U.S. deputy treasury secretary’s remarks on crypto regulation and sanctions suggest a shift toward more stringent regulatory controls, which could have far-reaching implications for exchanges and, by extension, negatively impact the market.
Investors express their concerns over Bitcoin’s overreliance on MicroStrategy
MicroStrategy's aggressive investment approach in Bitcoin, highlighted by its recent purchase of $600 million worth of BTC and a $750 million stock offering, may signal strong confidence in its price but raises questions about the potential implications of the markets’ over-reliance on a few large players.
The announcement invalidates the speculation about the buying activity of U.S.
The bad news is the “Coinbase spot buyer” was just Saylor the whole time (of course lol)
— David G (@d_gilz) November 30, 2023
The good news is all these US institutions & funds we thought it might be still haven’t bought
Despite citing the negative aspects of the excessive concentration on MicroStrategy, David G’s post reflects a bullish medium-term outlook for Bitcoin.
The U.S. economy’s soft landing and Bitcoin’s hedge appeal
The latest U.S.
Related: Bitcoin ETF will drive 165% BTC price gain in 2024 — Standard Chartered
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