Cryptocurrency

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Bitcoin

The king cryptocurrency is trading above $38,500 as the article is prepared, and December has started off well. Good news for investors is that we are seeing more file updates indicating that an ETF approval is getting closer. Moreover, the cumulative <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude">market</a> cap continues to remain above $50 billion. Will the uptrend continue? 
<h2 id="why-is-bitcoin-s-price-rising">Why Is Bitcoin’s Price Rising?</h2> 
For investors, digesting and interpreting the <a href="https://en.coin-turk.com/binance-encounters-legal-obstacles-in-one-country-amid-celebrations-over-its-licensing-in-dubai/" data-wpel-link="internal">Binance</a> event correctly was of utmost importance. As expected, following the settlement, the BTC price continued to rise. If we look through the right lens, the removal of the Binance issue with three regulatory conditions, except for the SEC, was very significant in the US. Even though it led to the erasure of a historic actor like CZ, the crypto community escaped paying the price for it. 
BTC has had its best monthly close in the last 19 months and has risen to $38,999 in the last 24 hours. Leading figures in the crypto market, like Galaxy Digital CEO Mike Novogratz, believe that the effects of the Binance event could be felt for a long time. 
<h2 id="is-the-crypto-rally-a-facade">Is the Crypto Rally a Facade?</h2> 
The current optimism was mentioned to be supported by the ETF approval expectation and the Binance settlement. Indeed, the data confirms this. Reserve data tell us that the market has correctly interpreted the Binance event, albeit belatedly, and the rise may not be temporary. 
Initially, Binance’s <a href="https://en.coin-turk.com/bitcoin-price-could-rise-to-150000-by-2024-according-to-fundstrat/" data-wpel-link="internal">Bitcoin</a> reserves dropped by 17% from the all-time high, but the exchange has started to see BTC inflows again. Since the initial outflows, the BTC balance of the Binance exchange has increased by 1%. 
<img decoding="async" class="wp-image-283617 aligncenter" src="https://coin-turk.com/wp-content/uploads/2023/12/Binance-Rezerv-2-Aralik.png" alt="" width="1124" height="568"> 
In contrast, FTX’s BTC reserves experienced a continuous and rapid decline when the exchange was on the brink of bankruptcy in November 2022. Binance, which had informed VIP customers about the settlement beforehand, seems to have already taken necessary precautions to prevent a potential bank-run. 
Binance founder CZ has long stated that he could step down from the CEO position if necessary to resolve issues. The steps taken regarding reserve proof have also been a way to protect users (from potential bank-run induced losses). 
Of course, not everything is rosy, and while it’s positive that Binance was prepared for the process, Bitcoin reserves are at their lowest level since March 15th. Those wondering whether the rise will continue should also keep an eye on Binance’s reserves. 
<ul class="summary"> 
 <li>December brings a strong start for Bitcoin.</li> 
 <li>Binance settlement plays a key role in the rise.</li> 
 <li>Market data suggests the rally could sustain.</li> 
</ul> Continue Reading: <a href="https://en.coin-turk.com/the-cryptocurrency-surge-genuine-growth-or-speculative-hype/" data-wpel-link="internal">https://en.coin-turk.com/the-cryptocurrency-surge-genuine-growth-or-speculative-hype/</a>

The Cryptocurrency Surge: Genuine Growth or Speculative Hype?

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