Bitcoin on Wednesday increased by 1% to $17,132.4 and was valued at $328.9 billion on the market. There were around $27 billion worth of transactions. Binance intends to reenter the Japanese market after purchasing a 100% share in Sakura Exchange BitCoin. Stocks rallied after Powel indicated a slowdown in rate hikes.
Following a majority of the previous month below the $17,000 mark, bitcoin increased in price on Wednesday as market players responded to Powell’s comments regarding interest rates.
The next obstacle, if the price can rise over the current level, is $17,622. However, BTC might stabilize between $15,476 and $16,910 if it declines below that level.
Jerome Powell, the head of the Federal Reserve, suggested on Wednesday that the institution might start to moderate the rate at which it raises interest rates, which drains liquidity. Popular technical analysis indicators show that bitcoin, the most valuable cryptocurrency, has reached the end of its downturn.
However, several experts advised caution because bitcoin’s price behavior has not yet met all criteria for proving a bear market bottom and a bullish recovery.
With a market cap of $157.3 billion, Ethereum, the second-largest virtual currency, increased by 1.4 percent to $1,289.3. On the previous day, $8.5 billion worth of Ethereum was traded.
Binance Takes Over JFSA Registered Sakura Exchange BitCoin
The CEO of Binance, Changpeng Zhao, indicated on November 30 that the cryptocurrency exchange was committed to reentering the Japanese market while abiding by the rules.
The acquisition of Sakura Exchange BitCoin (SEBC), a business that holds a license from the Japan Financial Services Agency, would herald the return of foreign exchange to the Japanese market after four years.
Binance was forced to stop operations after receiving a warning from the FSA for operating without a license, and it gave up its intentions to create a headquarters in Japan in 2018.
For comparable grounds, the Japanese authorities warned the cryptocurrency exchange again in 2021.
For Binance, buying a regulated company to enter the cryptocurrency market is nothing new, given how difficult it has been for the company to secure a license on its own. Binance has already been successful in reentering the Malaysian market by purchasing stock in a registered business.
In Singapore, the exchange has made a comeback and now owns 18% of a regulated stock exchange. The cryptocurrency exchange was able to access the sterling payment network in the United Kingdom through a partnership with Paysafe after regulators barred it from doing so.
One of the first nations to introduce trading restrictions for cryptocurrencies is Japan. Although strict, Japan’s cryptocurrency legislation was highly accepted, and G20 nations even contacted Japan about broad crypto regulations.
Recent liberalization of regulatory regulation in Japan has encouraged more bitcoin businesses, allowed them to prosper, and made coin listings easier.
Stocks Jump After Fed’s Signals Slow Pace Hikes
After Federal Reserve Chair Jerome Powell announced that the central bank would moderate the pace of its aggressive rate-hiking campaign, which has weighed on markets, stocks witnessed broad gains on Wednesday.
The Dow Jones Industrial Average reached 34,589.77 after closing up 737.24 points, or 2.18%. The tech-heavy Nasdaq Composite, meanwhile, increased 4.41% to 11,468.00. S&P 500 increased 3.09% to 4,080.11 points.
Dow Cracks 600
Powell stated in a lecture at the Brookings Institution in Washington, D.C., “It makes sense to decrease the pace of our rate rises as we approach the level of restraint that will be necessary to drive inflation down. “The December meeting may be the first opportunity to moderate the rate of rate rises.”
Before ending its fight against inflation, Powell advised the Fed to maintain its tight stance for a considerable amount of time.
Powell stated, “Despite these encouraging signs, we still have a long way to go in restoring price stability.
A victorious November received a late boost from Wednesday’s rally. The Nasdaq Composite closed the month up nearly 4.4%, while the Dow and S&P 500 gained approximately 5.7% and 5.4%, respectively.
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