The crypto market, a constantly evolving and dynamic space, has recently exhibited a minor contraction in its market capitalization, which decreased by 0.5% within a 24-hour span, settling at $1.42 trillion. This slight pullback is seen as part of an overarching growth trend that commenced around mid-October, although the momentum appears to have tempered in recent weeks. Notably, Bitcoin, the flagship cryptocurrency, experienced a notable sell-off on Wednesday afternoon, retreating from its upper range above $38.4K. This price movement has been indicative of the market's hesitation to fully embrace a bullish trajectory, while simultaneously avoiding a significant downturn. A critical point to watch is the $36.7K mark; a drop below this level would solidify $38K as a formidable horizontal resistance, suggesting a bearish outlook. Until such a breach occurs, the prevailing scenario favors an ongoing uptrend.
Data from CryptoQuant highlights an intriguing trend: crypto whales, typically large-scale holders, are transferring bitcoins to exchange wallets. This move is generally interpreted as a bearish signal, implying potential sell-offs. In contrast, Standard Chartered Bank has maintained a bullish stance, reaffirming its prediction that Bitcoin could ascend to $100K by the end of the next year. The bank cites the halving event and the anticipated approval of several spot ETFs in early 2024 as key drivers. These developments are expected to catalyze significant institutional investment in Bitcoin and Ethereum.
The US Securities and Exchange Commission's (SEC) recent request for public comment on spot Bitcoin ETFs is a noteworthy development. Legal expert Scott Jonsson perceives this as a sign of the regulator's openness to approving these financial instruments in a consolidated manner by January 10, 2024.
Ethereum, another major player in the crypto space, has recorded its first decline in staking since the Shanghai update, leading to a deceleration in coin issuance. This, coupled with an accelerated coin burn rate due to heightened network activity, has ushered in a shift from inflation to deflation for the cryptocurrency. Binance, the globe’s leading crypto exchange, has made a strategic decision to delist its BUSD stablecoin in compliance with a deal made with US authorities. This change will come into effect from December 15th, signaling a significant realignment in the stablecoin market.
In the political arena, US presidential candidate Vivek Ramaswamy has expressed a commitment to fostering a conducive environment for cryptocurrencies. His policy stance aims to ensure a flourishing future for digital currencies, emphasizing the importance of freedom and innovation in the American crypto landscape.
The crypto market remains in a state of flux, characterized by a mix of cautious optimism and vigilant watchfulness. Investors and market participants continue to navigate this intricate tapestry, balancing between the potentials of groundbreaking developments and the realities of regulatory and market dynamics. As the landscape evolves, the resilience and adaptability of the crypto market continue to be tested, holding promise for a future marked by innovation and growth.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | BTC | Bitcoin predictions | 82.8% | 26 | $62 974.67 | -2.41% | -1.93% | $1 240 018 406 610 | ||
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2 | ETH | Ethereum predictions | 78% | 43 | $3 115.18 | -1.09% | 1.64% | $380 211 893 182 | ||
3 | USDT | Tether predictions | 90.8% | 1 | $0.999495 | -0.04% | -0.10% | $110 506 095 095 | ||
4 | BNB | Binance Coin predictions | 83.6% | 21 | $592.44 | -3.19% | 5.40% | $87 437 803 373 | ||
5 | SOL | Solana predictions | 68.8% | 70 | $136.20 | -5.79% | -5.30% | $60 902 520 981 | ||
6 | USDC | USD Coin predictions | 95.2% | 2 | $0.999930 | -0.01% | -0.01% | $33 467 634 699 | ||
7 | XRP | XRP predictions | 68.4% | 69 | $0.517312 | -3.40% | 0.90% | $28 574 207 361 | ||
8 | DOGE | Dogecoin predictions | 64% | 68 | $0.145577 | -3.99% | -7.04% | $20 970 719 463 | ||
9 | TON | Toncoin predictions | 66.8% | 65 | $5.22 | -4.18% | -14.71% | $18 109 285 731 | ||
10 | ADA | Cardano predictions | 60.4% | 81 | $0.458981 | -3.89% | -6.20% | $16 355 567 160 | ||
11 | SHIB | SHIBA INU predictions | 58.8% | 82 | $0.000025 | -3.95% | 6.48% | $14 561 094 584 | ||
12 | AVAX | Avalanche predictions | 60.8% | 78 | $34.10 | -4.47% | -4.19% | $12 896 693 959 | ||
13 | WTRX | Wrapped TRON predictions | 84.8% | 18 | $0.119250 | 1.82% | 8.30% | $10 441 947 177 | ||
14 | TRX | TRON predictions | 82.8% | 21 | $0.119193 | 1.51% | 8.37% | $10 436 885 460 | ||
15 | STETH | Lido stETH predictions | 94% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |
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