Cryptocurrency

Bitcoin

<p style="text-align: justify">We continue our journey that started with “Uptober” into a November rise; however, there is a definitive need for more. Only hours remain until the weekly close, and both bulls and bears will battle for a close in their favor. <a href="https://en.coin-turk.com/bitcoin-uncertainty-prevails-key-figures-and-expectations-ahead/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> has once again dropped below $38,000 a few hours ago. So, what caused the decline?</p>
<h2 style="text-align: justify" id="why-did-bitcoin-fall">Why Did Bitcoin Fall?</h2>
<p style="text-align: justify">On November 21, the DOJ announced sanction actions related to CZ and <a href="https://en.coin-turk.com/binance-offers-an-interesting-solution-to-its-customers-heres-why/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance</a> with significant noise. Up to that point, everything was acceptable, even <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">market</a>-boosting. However, what confused investors was the decision to prohibit CZ from leaving the country before the trial verdict. This raised questions about whether the former CEO would receive a prison sentence.</p>
<p style="text-align: justify">CZ, who had already announced he would provide remote consultancy services, may negatively impact Binance’s reputation if he ends up in prison. On the other hand, new CEO Teng stated today that the senior management would continue in their roles as before.</p>
<p style="text-align: justify"><img decoding="async" class="size-full wp-image-282581 aligncenter" src="https://coin-turk.com/wp-content/uploads/2023/11/BTC-Tarihsel-Kazanc-Kayip.webp" alt="" width="1079" height="564"></p>
<p style="text-align: justify">One of the main reasons for the decline was that large traders reduced their long positions in futures trades one way or another. The closure of a long position worth 8,000 BTC brought the BTC price below $38,000. This could reflect a decision mirroring both profit-taking motivation and a desire by investors to balance risk.</p>
<p style="text-align: justify">Nevertheless, we may see an increase/decrease in position size as we approach the monthly close, as the direction of volatility will be determined after the monthly close.</p>
<h2 style="text-align: justify" id="excitement-over-etfs-diminishes">Excitement Over ETFs Diminishes</h2>
<p style="text-align: justify">The SEC postponed its decision on Grayscale’s Ether futures ETF on November 15. Some analysts believe the 19b-4 form submitted by Grayscale could be a potential “Trojan horse” for the agency. BlackRock thinks there is no longer a legitimate reason for the SEC to reject ETFs. ETF applications by Hashdex and Global X on November 17 and by Franklin Templeton on November 28 were postponed. For now, investors are waiting for January.</p>
<p style="text-align: justify">On November 29, short positions took over again, indicating that ETF excitement has diminished for now, at least until January approaches. In the short term, the cryptocurrency market will continue to battle multifaceted challenges, but the SEC’s decision will be a pivotal turning point.</p>
<ul class="summary">
 <li>Bitcoin drops prompt market scrutiny.</li>
 <li>ETF anticipation wanes with regulatory delays.</li>
 <li>SEC decisions key to crypto’s next moves.</li>
</ul> Continue Reading: <a href="https://en.coin-turk.com/understanding-the-latest-cryptocurrency-market-dynamics-and-future-predictions/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/understanding-the-latest-cryptocurrency-market-dynamics-and-future-predictions/</a>

Understanding the Latest Cryptocurrency Market Dynamics and Future Predictions

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