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Bitcoin (BTC) Price Analysis: Bulls Resume Ascent and Test 37235 – November 12, 2023

Bitcoin (BTC/USD) resumed its upward gains early in the Asian session, with the pair finding additional bids above the 36,892.78 level, representing a 38.2% retracement of the 35,103.14 to 37,999 appreciating range. Upward progress was temporarily halted around the 37,221.93 area. . which represents a 50% reduction in the depreciation range from 37,548.80 to 36,923.15. Key stops were chosen above the 34,965.04 and 37,516.08 levels during BTC/USD’s recent strongest appreciation since May 2022, upside price objectives associated with buying activity around the 19,568.52, 15,460 and 24,900 levels . Additional upside price objectives in these appreciating ranges include the 38,602, 42721 and 44481 areas. Following continued appreciation, areas of technical support and possible buying pressure include 34757, 33499, 32873, 32561, 31351 and 30837.

Large Stops were also recently elected above the 35,912.28 area, representing a 38.2% retracement of the depreciating range from the all-time high of 69,000 to 15,460. Furthermore, large Stops were triggered above the 37,362 area. maximums of the month. , an upside price objective related to historical buying pressure around the 3858 and 15460 levels. Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200 bar MA (every 4 hours). Additionally, the 50-bar SMA (hourly) is bullish, indicating above the 100-bar MM (hourly) and above the 200-bar SMA (hourly).

Price activity is closest to the 50-bar MA (4-hourly) at 35,613.79 and the 50-bar MA (Hourly) at 36,958.23.

Technical support is expected around 31238.97/30028.62/28818.26 and stops are expected below.

Technical resistance is expected around 38584.16/39596.82/42721.31 and stops are expected above.

Bitcoin Price Analysis Daily News.

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Coinbase Shares Rise Amid Market Share Stagnation

Despite the delisting of Binance.US, Coinbase has surprisingly failed to gain a larger share of the US cryptocurrency market. A recent report from Kaiko highlights Coinbase’s stagnant market share, which has hovered around 55% since May. On the other hand, rivals such as Kraken and LMAX Digital are quickly reclaiming the space left open by Binance.US, and Bitstamp is also marking an increase in its US presence amid growing legal complexities.

Coinbase stalls as Kraken advances

Coinbase, recognized as the top U.S. cryptocurrency exchange by trading volume, appears impassive in its leadership position, according to data from Kaiko. Kraken, slightly behind, is moving forward, gradually taking over Coinbase’s market dominance. According to the data, Coinbase’s 24-hour trading volume is approximately $2.4 billion, significantly lower than Binance’s $9.34 billion in the global spot market.

Regulatory hurdles cast a shadow

On the contrary, to compound the challenges, the US crypto landscape is navigating through a fog of regulatory uncertainty. The SEC and CFTC maintain close scrutiny, especially with allegations of securities regulation violations. Notably, the SEC took action against Binance and its US entity along with its founder, Changpeng Zhao. They are accused of secretly facilitating transactions for US customers against their policies. Coinbase has also felt the pressure of the regulator, with accusations of operating without proper records.

Despite these regulatory storms, there is a glimmer of optimism for investors. The possible approval of a Bitcoin spot ETF could catapult COIN shares to new heights as it would generate enormous enthusiasm for the cryptocurrency and Coinbase’s revenue would increase.

Furthermore, the company’s path to profitability is promising, as reflected by its near-flat profits in the third quarter of 2023. With an unexpected increase in profits and a slight increase in after-hours trading, Coinbase’s stock price is currently at $91.96, reflecting a 5% increase.

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Coinbase Jumps 7% Ahead of Earnings

The stock price of Coinbase (COIN), one of the biggest crypto exchange in the world, is up 7.3% today ahead of an earning calls at 17:30 GMT-4.

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Top cryptocurrency exchange Binance to end Visa debit card program in Europe

The world’s leading cryptocurrency exchange by trading volume says Binance Card services will stop working in the European Economic Area (EEA) in December.

Binance notes that customer accounts will not be affected. The exchange encourages European customers to transition to Binance Pay, the company’s crypto payments technology.

Binance first launched the card in Europe in September 2020, allowing its customers to use the crypto assets in their exchange accounts to spend and transact at over 60 million locations worldwide.

The exchange did not provide a reason for the card’s closure, although the company has faced a number of regulatory issues in jurisdictions around the world this year.

Binance announced its exit from the Canadian market in May, citing new stablecoin regulations and limits on investors that the exchange said made doing business in the country “unsustainable.”

In June, the US Securities and Exchange Commission (SEC) sued Binance, the company’s CEO Changpeng Zhao, and Binance.US, alleging that the companies were violating securities laws.

In August, a Mastercard spokesperson told Reuters that the payments giant was ending its partnership with Binance.

In September, Binance said it would sell its entire Russian business to local cryptocurrency exchange CommEX, claiming that operating in the country no longer seemed compatible with the company’s business model. No specific details were provided.

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Coinbase launches perpetual futures for traders outside the US

Coinbase announced the launch of perpetual futures trading for its customers outside the US on Coinbase Advanced, a platform designed for sophisticated retail traders. Perpetual futures contracts allow traders to speculate on the price movements of cryptographic assets without an expiration date.

Starting today, eligible Coinbase Advanced customers in non-US jurisdictions can trade four perpetual contracts: Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and XRP. These contracts are settled in USDC, a stablecoin backed by US dollars.

Users can now access perpetual futures with up to 5X leverage (except XRP at 3X) via advanced.coinbase.com, with mobile trading options coming soon. As part of an introductory promotion, customers will benefit from a low rate of 0% (maker) and 0.03% (taker).
A regulated and compliant platform

Coinbase enables perpetual futures for customers outside the US and has obtained regulatory approval from the Bermuda Monetary Authority (BMA), which is a leading digital asset regulator known for its robust crypto business oversight framework.

Also Read: Coinbase Steps Up Efforts to Crack Down on Hamas Crypto Links

In May 2023, Coinbase Exchange obtained a class F license from the BMA, allowing it to offer perpetual futures to institutions outside the US. Coinbase said it has built its perpetual futures products to strict compliance standards and aims to expand access to derivatives through Coinbase Advanced, serving a broader range of global customers.

A growing demand for crypto derivatives

Coinbase’s launch of perpetual futures coincides with a significant rise in the global crypto derivatives market. According to the CoinGecko report, as of March 2023, cryptocurrency derivatives accounted for a whopping 75% of the total cryptocurrency trading volume, which amounted to $2.95 trillion.