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Bitcoin is back on the rise today above $38,000 as markets try to forget the negative sentiment

Today's Cryptocurrenices analysis on behalf of Samer Hasn Market Analyst and part of the Research Team at XS.com

 

November 29, 2023 (Investorideas.com Newswire) This morning, Bitcoin was able to regain the level of $38,100 after reaching $38,300 yesterday before falling slightly. Ethereum is also still trying to maintain levels above $2050. As for Solana, it reached the highest levels this week with gains of about 2% today, while reaching slightly below $60.

These rises yesterday and today came with what appears to be an attempt by the markets to close the chapter of the legal conflict that Binance entered into, which led to spreading a state of weak confidence and regulatory concerns that threaten the future of the sector, after the removal of CEO and founder Changpeng Zhao (CZ).

Turning the page on Binance will not only involve putting aside CZ, but it may involve making the market more committed and transparent, which may create an atmosphere of confidence in this technology, whether among participants, investors, and even regulators and legislators.

This is what many insiders and knowledgeable people in this sector spoke about, most recently the CEO of the Coinbase, Brian Armstrong, who in turn spoke about the presence of many "bad actors" in the sector and that the legal action against Binance has led to close that chapter in the history of crypto.

These events were eventually reflected in further rises in crypto prices, which in turn yesterday led to the launch of the largest liquidation of short positions in about a week. According to data provided by CoinGlass, about $69 million were liquidated, with $26 million for Bitcoin alone, from positions that bet on falling prices.

Recovering sentiment and renewed focus have led to the potential launch of Bitcoin spot funds, which could happen during the first half of next year. Or hope for that, which is what the markets are counting on in reality so far, in the absence of any confirmation of the inevitability of SEC approval.

These sentiments and hopes for the launch of spot Bitcoin funds were also reflected in more noticeable flows into investment products related to cryptocurrencies, according to data provided by CoinShares at the beginning of this week.

Net inflows of more than $346 million were recorded last week, of which Bitcoin acquired $311 million. Ethereum, too, which is still trying to exit the current year with a positive net flow, recorded $33.5 million in net flows and reduced the net outflows since the beginning of the year to $21 million.

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