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Crypto News: Bitcoin Hits a New 2023 High on Grayscale BTC Trust Performance

By:
Bob Mason
Published: Nov 25, 2023, 02:22 UTC

Investor optimism toward the approval of BTC-spot ETFs remained firm despite the recent flurry of regulatory activity targeting the crypto space.

Crypto News

In this article:

Key Insights:

  • Grayscale Bitcoin Trust ETF performance supported hopes of substantial inflows into a BTC-spot ETF market.
  • Binance CEO Richard Teng sent assurances to the crypto market.
  • Former Binance CEO CZ attempts to return to the UAE before sentencing in February.

BTC-Spot ETF Chatter Delivers a New 2023 High

On Friday, BTC gained 1.12% to end the session at $37,717. Significantly, BTC climbed to a new 2023 high of $38,435 before retreating.

Investor sentiment toward a BTC-spot ETF and the anticipated inflows of sticky institutional money supported buyer demand.

Bloomberg Intelligence ETF Analyst James Seyffart shared the performance of the Grayscale Bitcoin Trust (GBTC), saying,

“Right now, GBTC is trading at a record low discount for the last few years of about 8.6%. Its official closing discount was 9.7% on Wednesday. Hasn’t been this close to parity since July 2021 – just months after the premium broke into discount.”

GBTC surged 39.5% in October and is up 16.6% for November.

Grayscale Bitcoin Trust ETF discount drops.
GBTC Monthly Chart

Investor optimism toward the SEC approving the batch of BTC-spot ETF applications continues to support BTC at current price levels. The first of the final deadlines is January 10, 2024. Notably, some applications have second and third deadlines scheduled for early January. If the SEC wants to avoid accusations of playing kingmaker, the SEC may have to approve a batch in January.

BTC-Spot ETF Approval Deadlines
BTC Spot ETF Deadlines

The optimism comes as US regulators turn the screw on the US digital asset space.

Binance CEO Richard Teng Aims to Restore Trust

On Friday, Binance CEO Richard Teng gave the crypto market an early statement of intent, saying,

“I’ll be doing lots of talking over the next few weeks. Interviews, events, AMAs & more. Look forward to meeting many of you soon. One point to reinforce now – Binance’s core values will not change. We remain focused on protecting users & building a platform people love to use.”

Investors will likely watch closely to assess the full impact of the $4.3 billion penalty on the Binance business.

While Richard Teng looked to comfort the markets, former CEO CZ faced a separate battle. Lawyers representing CZ are trying to prevent a judge from reversing a ruling on Monday that allows CZ to depart the US and return for sentencing. The sentencing date is February 23, 2024. CZ lives in the UAE. There is no extradition treaty with the US.

Technical Analysis

Bitcoin Analysis

BTC remained above the 50-day and 200-day EMAs, affirming bullish price signals.

A BTC return to $38,000 would support a breakout from the Friday high of $38,435 to target the $39,000 resistance level.

Crypto-spot ETF updates and regulatory activity remain the focal points.

A break below the $37,600 support level would give the bears a run at the $36,400 support level.

The 14-Daily RSI reading of 61.64 suggests a BTC move to $38,500 before entering overbought territory.

BTC Daily Chart sends bullish price signals.
BTCUSD 251123 Daily Chart

Ethereum Analysis

ETH held above the 50-day and 200-day EMAs, sending bullish price signals.

An ETH move to $2,100 would bring the $2,143 resistance level into play.

However, a break below the $2,021 support level would support a fall to the $1,926 support level.

The 14-period Daily RSI at 62.35 indicates an ETH move to the $2,143 resistance level before entering overbought territory.

ETH Daily Chart sends bullish price signals.
ETHUSD 251123 Daily Chart

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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