The cryptocurrency market is seeing gains today, with the overall market capitalization rising 2.65% in the last 24 hours to $1.42 trillion.
The two largest cryptocurrencies, Bitcoin and Ethereum, are helping to lead the rise, with BTC rising 2.7% and ETH gaining 3.6%.
There are a few key developments driving renewed optimism and a return to the crypto space:
Representatives from BlackRock, the world's largest asset manager, met with the SEC to discuss possible approval pathways for the launch of a Bitcoin spot ETF in the US. BlackRock is considered the favorite to obtain the regulatory approval, given its solid track record. The prospect of finally getting a spot Bitcoin ETF in the US has many investors excited.
There are also growing signs of renewed interest and activity in altcoins like Dogecoin, according to blockchain analysis and reported by Santiment.
The data shows that a large amount of old DOGE was moved out of inactive wallets, along with the creation of 121 new million DOGE wallets in the last month. Speculation and meme-fueled interest appear to be returning.
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Finally, Binance's agreement to pay $4.3 billion in fines and install a monitor has removed a major regulatory hurdle for the crypto industry. With the resolution of the case, the upcoming Bitcoin halving, and possible spot ETF approvals, there is a growing sense of optimism returning to the cryptocurrency markets.
Bottom line: The excitement around a potential BlackRock Bitcoin ETF, the resurgence of interest and activity in Dogecoin and altcoins in general, and the clearing of Binance's regulatory cloud have combined to give the crypto markets a deal today and return investors to a more optimistic state of mind. .
Other developments
Aave ($AAVE) will begin trading on the HashKey Exchange on November 23. Dopex ($DPX) has released rDPX V2. Polygon ($MATIC) announced a zkEVM Mainnet Beta update on November 23 at 13:00 UTC. Bybit removed an advertisement from a SPOT listing for Milk Token ($MLK) after posting it yesterday. Theta Network ($THETA) revealed Theta EdgeCloud, a distributed cloud platform for video, 3D and AIscheduled for release in 2024.
Neopin ($NPT) signs a memorandum of understanding with Ticker Capital. Bithumb will list SPURS ($SPURS) on the KRW market, trading starts at 03:00 UTC. Stratis ($STRAX) will release details on the exchange of STRAX tokens to StratisEVM this Friday. Sam Altman returns as CEO of OpenAI ($WLD).
If these trends continue, we could see cryptocurrency market caps race towards their 2021 highs.
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