Bitcoin Gains Momentum As Binance Drama Unfolds

This week, Bitcoin (BTC) rebounded fully following the settlement involving Binance and the Department Of Justice (DOJ). Altcoins are also on the rise, according to information provided by CoinGecko. During the week, BTC managed to reach above $37K, showing a 2.5% increase within a 24 hour period. In other markets, there was a generally positive trend being experienced, particularly in Asia.

Crypto wins but CZ leaves

BTC made attempts to breach the $38,000 level but faced resistance, leading to a market rollercoaster. The initial positive response to the settlement regarding Binance, which involved the crypto exchange agreeing to pay over $4 billion to the United States DOJ, turned negative causing a $2,000 drop in BTC, which later recovered to over $36,600.

Elsewhere, the altcoins were able to piggyback off of the momentum generated by Bitcoin. Notably, Uniswap (UNI) rose by 16.6%, and PYTH Network (PYTH) surged by 25.7%. Despite the overall positive trend, Binance Coin (BNB) remained an exception, most likely because of the controversy surrounding Binance and its former CEO, Changpeng Zhao. Zhao has since left the company and Richard Teng has been named his successor.

Asian markets are improving

In the broader market, Asian stock futures exhibit a mixed outlook, with stability in Japan and an uptrend in Australia. Hong Kong and China are experiencing property market rallies. Additionally, crude oil is facing a decline due to issues, and the Hong Kong dollar is strengthening against the US dollar. Meanwhile, the equity market of South Korea anticipated increased volatility following a recent short-selling ban.

Furthermore, after Beijing lifted punishing tariffs that had halted trade for three years, Australian barley is making a big comeback in the Chinese market. According to customs data, China imported nearly 314,000 tons of grain through Australia last month, the first purchases via that country since late 2020 and the most since May of that year. Imports of barley through Russia and Kazakhstan have also increased as part of efforts to diversify suppliers.