Major cryptocurrencies traded mixed on Monday night as there is continued concern over the future of the world's largest cryptocurrency exchange, Binance.
| Cryptocurrency | Earnings +/- | Price (Recorded at 9:30 pm EST) |
| Bitcoin (CRYPT: btc) | +0.86% | $37,588 |
| Ethereum (CRYPT: ETH) | +1.31% | $2,030 |
| Dogecoin (CRYPT: DOGE) | -2.20% | $0.078 |
What happened: according to Bloomberg, Binance can resolve multiple criminal charges in the United States paying 4,000 million dollars at the end of the month. Notably, this agreement is expected to allow the exchange to continue its operations.
In other news, the Securities and Exchange Commission (SEC) has took legal action against Kraken, an alleged case of commingling of client funds and failure to register as a stock exchange, broker, intermediary and clearing agency. According to a complaint filed Nov. 20 in federal court in San Francisco, the SEC accused Kraken of operating as an illegal platform for buying and selling cryptocurrencies since 2018.
Top winner (24 hours)
| Cryptocurrency | Earnings +/- | Price (Recorded at 9:30 pm EDT) |
| monkey coin | +9.21% | $1.51 |
| pancake swap | +7.85% | $2.71 |
| BNB | +6.59% | $263.92 |
The global crypto market capitalization currently stands at $1.43 trillion, reflecting a 0.56% decline over the past 24 hours.
Stocks soared on Monday, setting a positive tone for the holiday-shortened week. The increase was mainly driven by gains in the technology sector, led by Microsoft and Nvidia.
The S&P 500 saw an increase of 0.74% and ended at 4,547.38. The Nasdaq Composite outperformed, rising 1.13% and closing at 14,284.53.
As the Thanksgiving holiday approaches, it is important to note that US markets will be closed on Thursday and trading hours will be reduced on Friday. Historically, trading during this time can be volatile, but November has proven to be a fruitful month for the S&P 500, according to Stock Traders' Almanac.
Investors will also closely monitor the release of the latest Federal Reserve minutes scheduled for Tuesday.
See more: Best cryptocurrency scanners
Analyst Notes: Cryptocurrency analyst Michael Van de Poppe stands by his theory on Bitcoin. The uptrend remains intact and the resistance zone is being significantly tested.
"I expect an upside breakout from December to $38,000-$40,000 if this uptrend remains valid."
https://twitter.com/CryptoMichNL/status/1726582412963135512Pseudonymous analyst Kaleo has identified a recurring pattern over the past few years during the Thanksgiving weekend. It seems that more often than not there has been a notable sell-off in the cryptocurrency market:
โ In 2022, Bitcoin (BTC) saw a 5% drop.
โ In 2021, BTC experienced a 10% drop.
โ In 2020, BTC had a significant drop of 17%.
"None of them are too crazy, but as you can see below, there was some decent selling across all the alternatives. It might not be a bad idea to have some dry powder ready to catch any dips if the trend holds," the analyst he tweeted.
I'm not sure what it is about Thanksgiving weekend, but more often than not over the past few years we've seen a pretty decent sell-off at some point: 2022: BTC drops 5% 2021: BTC drops 10% 2020 : BTC drops 17% None All of them are too crazy, but as you can see below, there were some decent ones... https://t.co/f4nQdbm8EU
- KALEO (@CryptoKaleo) November 20, 2023
Santiment, a prominent company specializing in on-chain data analytics for the crypto market, noted that Solana saw significant growth in its market value over the weekend. Traders have pushed prices past $60 for the first time since May 2022. This surge in value has sparked a huge wave of FOMO, with a notable level of positivity not seen in over a year.
๐ฅณ #solarium has seen another rise in its market value this weekend, and traders have now officially raised prices above $60 for the first time since May 2022. $SOL #FOMO has recovered considerably, with positivity at its highest level in more than a year. https://t.co/04Tabsz5Hs pic.twitter.com/uzEG56w6RY
- Sentiment (@santimentfeed) November 19, 2023
Photo by Lloyd Landicho on Shutterstock
Read next: Jim Cramer advises against the use of Binance and provokes strong reactions from Twitter users
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