The news about the resignation of Binance CEO CZ and the lawsuit between Binance and the US Department of Justice, which shook the market on Tuesday evening, led to a volatile day in the cryptocurrency market.
Market Quickly Recovered: Bitcoin and Ethereum Gained Value
The cryptocurrency market, which experienced a loss of nearly 5% on Tuesday, quickly recovered yesterday, reaching levels above $37,000. Currently, Bitcoin finds buyers at levels around $37,300, while Ethereum is priced at $2,065. Bitay Research Department Analyst Alper Samet Yorak evaluated the market situation.
Grayscale and SEC Collaboration: Spot Bitcoin ETF Activity
After the news that Grayscale updated its spot Bitcoin ETF application and re-submitted it to the SEC, senior SEC officials met with Grayscale’s CEO to discuss changes in regulations. Initial impressions suggest that this process is progressing positively.
Fed Minutes and Bitcoin Rise
A noteworthy development in the macro agenda was the follow-up of the Fed minutes. It was announced in the minutes that a cautious approach was adopted in monetary policy, strengthening the expectation that the interest rate hike process had come to an end. After the minutes, there was a rise in stock markets and Bitcoin, providing over 10% returns to many altcoin investors.
Today: Central Bank Interest Rate Decision and Crypto Market Expectations
The most important item on today’s local market agenda is the Central Bank’s interest rate decision. The policy interest rate is expected to be raised from 35% to 37.5% in the announcement to be made at 14:00. Depending on changes in the USD/TRY exchange rate, new highs may be seen in the Bitcoin/TRY pair.