The likely approvals for a spot crypto ETF have dominated speculations in the crypto space, as the market and industry firms remain highly optimistic.
The week has turned out to be highly fruitful for the crypto industry. Most experts have attributed the stark rise in the market to an upcoming approval for a spot crypto ETF. Multiple crypto price predictions have pointed out the approval could be highly likely.
While several global investment firms have filed applications for such exchange-traded funds (ETFs), the final decision of approvals is with US regulators. A recent NASDAQ filing also confirmed leading investment firm Blackrock’s plans for an Ethereum ETF.
The crypto market started the week on a solid footing. Bitcoin was trading above $34,000 at the beginning of the week. After going through a short range-bound motion, the market picked up pace mid-week. BTC initially climbed over $35,000, with bullish crypto trading signals. November 9 saw the sharpest hike in crypto prices, as Bitcoin almost touched the $38,000 mark.
As a result, crypto price predictions could rule firm for the weekend and for the days ahead in 2023. If the current positive crypto trading signals continue, BTC could also hike to $40,000.
Meanwhile, the industry also saw various developments on the regulatory front. Stablecoin regulation occupied the prime position for EU regulators this week. In particular, the European Banking Authority published new guidelines for stablecoin regulation. It proposed a unique ‘liquidity stress test’ for firms issuing stablecoins.
A detailed consultation paper by the regulator mentioned the main rules for stablecoin regulation.” Issuers need to make sure that the amount of the reserve of assets is sufficient to meet any redemption request that can be made by token holders at any point in time,” stated the paper.
The UK is another bright spot in Europe, which has actively pursued stablecoin regulation. Concurrently, private corporations like DZ Bank of Germany have developed their platforms pertaining to crypto services.
In the meantime, the likelihood of a spot crypto ETF has also emerged during the week in Hong Kong. The good news coming in for Asia has raised hopes for more retail crypto investors from the region. Hong Kong has consistently featured as a hub for crypto firms in the recent past, fueled by favorable policies.
In hindsight, here are the top-performing crypto tokens for the week:
The following crypto tokens saw the highest negative gains for the week:
As one can observe from the above chart, most crypto tokens saw little losses in the current week. Most witnessed huge gains. Ethereum saw weekly gains of over 16%, with those like Solana and Cardano also sitting on over 15% weekly returns.
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