With a few crypto policy developments, investors saw a wave of crypto losses on November 21, which staged a recovery soon after led by BTC.
Crypto losses saw a return to the market as Bitcoin dipped on November 21. The downward trends were temporary, though, as it soon surged above $36,000, marking its support from crypto bulls. Currently, the crypto market is stable with improving fundamentals, while altcoins are gradually recovering.
A crypto policy development in the US involving a leading crypto exchange might have led to a dip in the market. The movements of the last 24 hours could have been a knee-jerk reaction to the developing story of the crypto exchange.
Crypto policy has generally become an important matter for regulators across the world. The industry has also called for clarity in crypto regulations to prevent such incidents. The recent ruling in the US might catalyze the country to create new crypto policies and rules for the industry.
The SEC in the US also has a deadline approaching in a couple of months to approve the spot crypto ETFs. Regarding the ETFs, hedge fund Pantera Capital said, “A BlackRock ETF fundamentally changes access to Bitcoin. It will have a huge (positive) impact. We strongly believe many spot Bitcoin ETFs will be approved. We also believe it will happen in a matter of a month or two – not years.”
BTC/USD 1D price chart
Bitcoin is currently trading at around $36,400 on November 22, 2023, with BTC/USD trading lower by a margin of 2.6% in the last 24 hours. Bitcoin’s market cap is trading at around $712 billion.
BTC/USD is trading higher than its 20-day EMA (35,728.55), as BTC’s 24-hour volume was at around $27 billion. The crypto market cap decreased by around 2.87%, trading at $1.38 trillion.
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