Bitcoin tracks sideways amid Binance volatility

Crypto markets have been subject to some volatility on news surrounding Binance and its CEO.

The world’s biggest cryptocurrency exchange and its founder and CEO, Changpeng Zhao (CZ), have settled a criminal investigation by the DoJ.

• CZ pleaded guilty to one charge as settlement over criminal and civil cases with the cryptocurrency exchange.
   
• Binance also pleaded guilty to other charges and agreed to pay more than $4.3bn in penalties.

The agreement marks one of the most high profile DoJ settlements in the crypto industry.

Washington has increased its scrutiny of misconduct in the digital asset sector and also the world’s largest crypto exchange, which has spent most of this year clashing with several other major US law enforcement agencies.

Binance grew from a start-up into an exchange giant that controlled over half of the crypto market in November 2022, just five years after it was founded.

Despite the headlines, some in the crypto industry are cheering the news.

This latest development brings to a close this uncertainty hanging over Binance, and see the exchange de-risking which means the market can now move forward to more positive news.

This includes the impending potential approval of spot bitcoin ETFs which has given an underlying bid over recent months to the most popular digital asset after its upside breakout last month.

After surging north through the $30,000 psychological barrier and resistance level, prices are now tracking sideways and trying to alleviate overbought conditions on long-term momentum indicators.

The November 9th top around the $38,000 line needs to be broken for more upside towards $40,000.