Reports of a possible Binance settlement of U.S. probes mingled with positive price action sees the market soaring.
At the time of writing, Bitcoin and Ethereum are up 11.56% and 9.10%, respectively, in the last 24 hours, as the crypto markets rally, with the total crypto market cap sitting comfortably above $1 trillion at $1.12 trillion, up 8.62%.
As highlighted by Santiment Feed yesterday, Bitcoin has tapped a six-month high, trading above $24.2k for the first time since Aug. 14, 2022. The crypto analytics platform has tapped a slight increase in accumulation by investors holding 100 to 1k BTC as the reason for the latest price surge, urging investors to watch the reaction of big bag holders for additional confidence.
🥳🚀 #Bitcoin has launched to a 6-month high, surprising the #bearish trader sentiment. With prices jumping above $24.2k for the first time since Aug. 14th, 2022, watch for whale addresses increasing as a sign of increased key stakeholder confidence. https://t.co/ztEhsIYNAY pic.twitter.com/ZJSfjrwJvA
— Santiment (@santimentfeed) February 15, 2023
Pseudonymous seasoned price action analyst Duo Nine expressed confidence that the bear market is conclusively over. He said this, noting that Bitcoin had formed a new high on the charts.
Yoooo #Bitcoin wait for me bro!
🚨 For those that can’t read charts – #BTC just made a HIGHER HIGH.
This bear market is so OVER. Did you hear that Capo?
O . V . E . R .
There is nothing you can do about it. 🚀
Bow to the king and respect its alpha. pic.twitter.com/22BJVAP01j
— Duo Nine ⚡ discord.gg/ycc (@DU09BTC) February 15, 2023
From a short-term price action perspective, the price surge comes as BTC fulfilled a double-bottom reversal pattern formed on the 4-hour price chart, as highlighted in a previous report. The price surged as high as $24.9k before paring gains to trade around the $24,688 price point at the time of writing.
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Meanwhile, reports indicating that Binance expects to pay fines to end probes from United States regulators have likely boosted this surge. The Wall Street Journal reported this yesterday, citing an interview with Binance Chief Strategy Officer Patrick Hillman.
Hillman asserted that the leading crypto exchange initially driven by software engineers lacked knowledge of the laws regarding crimes like money laundering and economic sanctions. Consequently, the Binance executive says the exchange is willing to pay penalties for its past mistakes, asserting that it is working with regulators toward this outcome.
An end to these U.S. probes would be a significant win for the company and the broader crypto market. As the largest crypto exchange, fear, uncertainty, and doubt surrounding it often negatively impact the market.
Reuters has previously reported that the U.S. Department of Justice kicked off money laundering and criminal sanctions investigations into the exchange as far back as 2018.
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