The resignation of Binance CEO Changpeng Zhao has prompted crypto experts to suggest that traditional financial giants, such as BlackRock, Fidelity, and Invesco, could dominate the Bitcoin and Ether ETF market. With the U.S. Securities and Exchange Commission (SEC) potentially approving a spot Bitcoin ETF, experts anticipate a new phase of growth and acceptance for cryptocurrencies. While some view Zhao’s departure as the end of an era and a positive step toward sustainable cryptocurrency adoption, others express concerns about Binance’s innovation and long-term decline in the absence of Zhao as CEO. The recent $4-billion settlement between Binance and the U.S. Department of Justice is seen as a significant catalyst for the crypto sector. Source: BENZINGA Crypto

Tether, the company behind the USDT stablecoin, has voluntarily frozen $225 million worth of USDT funds in response to an investigation by the U.S. Department of Justice (DOJ). The frozen funds are located in Southeast Asian wallets that are allegedly linked to “pig-butchering” romance scams. In these scams, individuals establish relationships with victims online, gain their trust, and persuade them to invest in cryptocurrency platforms controlled by the scammers. Once the victims have invested a substantial amount of money, the scammers disappear with the funds.  Tether and OKX, another cryptocurrency exchange, are assisting the DOJ by freezing the funds associated with the wallets connected to an international human trafficking syndicate involved in these alleged scams.  Tether’s CEO, Paolo Ardoino, emphasized the company’s commitment to maintaining a secure environment and combating illicit activities in the cryptocurrency industry. All the frozen funds were held in external self-custodial wallets, as stated in the announcement.  Source: DAILYCOIN

The current price movement of Ethereum (ETH) and the key hurdles it faces in its attempt to rally is hot news for investors of this altcoin. After finding support near $1,900, ETH started a decent increase and is now trading above $1,980 and the 100-hourly Simple Moving Average. However, a major bearish trend line is forming with resistance near $2,020. If ETH manages to clear this resistance level, it could experience a strong increase toward $2,090 and potentially aim for the $2,120 level. Source: ETHUSD on TradingView.com On the other hand, if it fails to surpass the $2,020 resistance, it may face a fresh decline. The immediate support levels are at $1,980 and $1,950, with the main support at $1,900. Further losses could lead to a drop towards the $1,850 or even $1,800 level. The MACD indicator shows a bullish momentum loss, while the RSI is currently above the 50 level. Source: NEWSBTC

According to reports and an analysis, approval of a Bitcoin spot ETF by the U.S. SEC could push the price of Bitcoin to $141,000. BitGo CEO Mike Belshe said the approval of a Bitcoin exchange-traded fund (ETF) in the United States is nearing, but there may still be setbacks along the way.  Belshe expressed optimism based on discussions between firms seeking ETF approval and the U.S. Securities and Exchange Commission (SEC). However, he emphasized that the market structure needs improvement before the SEC grants final approval. Belshe also highlighted the SEC’s requirement to separate crypto exchanges from custodians as a condition for approval. He referred to the recent surge in fees on the Bitcoin blockchain, which was attributed to the excitement surrounding the potential approval of a spot Bitcoin ETF.  Currently, there are 12 asset management firms awaiting outcomes for their Bitcoin ETF applications, and Bloomberg analyst James Seyffart predicts a 90% chance of approvals by January 10, 2024. Source: Cointelegraph

Institutional investors have invested a total of $293 million in Bitcoin, Ethereum, Solana, and Cardano products in the past week, pushing the total inflows for these investment products over $1 billion in the last seven weeks.  Bitcoin-focused investment products received $240 million, bringing their year-to-date flows to $1.08 billion. Ethereum saw $49.1 million in inflows last week but is still down $58 million for the year. Solana and Cardano also experienced significant inflows, with $12.4 million and $800,000 invested in products focusing on each cryptocurrency, respectively.  Bitcoin-focused investment products received $240 million, bringing their year-to-date flows to $1.08 billion. Ethereum saw $ Solana-based products have seen $121 million in inflows year-to-date, while Cardano-based products have received $8 million. Solana’s price has surged over 450% this year, reaching over $54.  Whale activity on the Cardano network has also increased, and price predictions suggest moderate growth for Cardano in November, with a potential rise of 43.5% based on historical data. However, the median return suggests a potential decline of 2.5% for the month. Source: CRYPTOGLOBE

The price of XRP has experienced a significant increase of over 33% in the past 30 days and has seen a year-to-date growth of over 91%. Analysts are predicting further price surges for XRP, the native cryptocurrency token of the Ripple network, in the near future.  Salut from a Sunny (finally) Amsterdam Morning! I hope you are all fine. Our precious $XRP still teasing $0.6649. The good news is he will break within hours. So let's break here, stay above $0.73 on the 11.13 & touch $0.8737 on Nov 19th. And yes, #FreeDAI by that date Enjoy… pic.twitter.com/ro5yP6TD7w — Dark Defender (@DefendDark) November 11, 2023 Dark Defender, a pseudonymous analyst, believes that XRP will rise to the $0.73 mark soon and touch $0.8737 on November 19th. Other analysts have also expressed bullish sentiments, with price predictions ranging from $1 in the short term to as high as $5.85 in the future.  Historical data suggests that XRP has the potential to surge by around 77% in the month of November, as it has shown significant price increases in the previous Novembers, including a record 531% rise in November 2013. Source: CRYPTOGLOBE

The price of Solana (SOL) has been experiencing a significant increase, with its value soaring on crypto exchanges. However, the Grayscale Solana Trust (GSOL) has seen even greater demand, with institutional investors willing to pay a premium for exposure to SOL tokens. Ok so… – Greyscale SOL fund is trading at $125 a share– Each share holds 0.38 SOL– Implies $SOL is at $328 per token– 600% premium to NAV (using $55) What the fuck? Solana is literally going to the moon holy shit lol pic.twitter.com/8E9A1UQiDj — jay (@0xjaypeg) November 10, 2023 The Grayscale SOL fund is trading at $125 per share, and each share holds 0.38 SOL, implying a price of $328 per token, which is a 600% premium to the net asset value (NAV) calculated using $55. This indicates a strong interest from traditional finance (trad-fi) investors in acquiring SOL. Retail traders are buying 1 SOL for around $62, while institutional investors are paying $125 for 0.38 SOL. This discrepancy highlights the demand for SOL from regulated, custodial Solana ETF funds. The Grayscale SOL fund currently has 304,427 shares outstanding, representing a total assets under management of $6,344,128. The increasing interest in Solana’s price and institutional participation in the market are noteworthy factors for investors to consider. Source: CryptoPotato

Cardano’s recent surge in staking and a proposed tax change signal a bullish rally for ADA. The staking value of Cardano has reached $8 billion, accompanied by a 31% increase in ADA’s value.  ADA/USD 24-hour price chart (source: CoinStats) However, there has been a decline in staking recently, possibly due to profit-taking by investors. Despite this, Cardano’s market position remains strong, with $8.16 billion staked and 63% of ADA in circulation being staked.  The price of ADA is trading at around $0.34, with a resistance zone at $0.40. A proposal to reduce the treasury tax from 20% to 5% has gained support from Cardano stakeholders. This change could lower the monthly ADA allocation to the treasury, which currently adds around 30 million ADA.  The proposal also aims to clarify the determinants of the “tau” parameter and its adjustment frequency. If approved, the proposal could incentivize more stake pool operators (SPOs) to join, enhancing network security and robustness. The community eagerly awaits the outcome of the treasury tax proposal, as it could potentially drive increased on-chain activity and boost Cardano’s overall appeal and utility. Source: Coin Edition