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Crypto News Today: Coinbase Surges on BTC Return to $42,000 and a DOGE High of $0.0927

By:
Bob Mason

BTC extended its winning streak to four sessions on Monday. US regulator activity needs monitoring amidst the bullish trends.

Crypto News

In this article:

Key Insights:

  • BTC hits $42,000 for the first time since May 2022, with DOGE reaching a Monday high of $0.0927.
  • Crypto trading volume surged in November, a boon for crypto exchanges.
  • BTC liquidations spike as spot ETF-fueled momentum drove short position liquidations.

Bitcoin Strikes a New 2023 High of $42,443 on Spot ETF Momentum

On Monday, bitcoin (BTC) rallied 5.11%. Following a 1.23% gain on Sunday, BTC ended the session at $42,031. Significantly, BTC climbed to a session high of $42,443 and extended the winning streak to four sessions.

Buyer momentum and short liquidations sent BTC to the $42,000 handle for the first time since May 2022. BTC liquidations breached $100 million on Monday. This morning, 24-hour liquidations stood at $107.12 million, with short liquidations at $83.99 million.

BTC Liquidations - 24-hours
Coinglass: 24- BTC Liquidations 051223

BTC-spot ETF activity continued to fuel optimism toward the SEC approving a batch of applications.

Bloomberg Intelligence ETF Analyst James Seyffart kept investors updated, saying,

“TLDR though — wheels are still turning behind the scenes between SEC and potential spot Bitcoin ETF issuers.”

Seyffart also shared updated filings from issuers, including Blackrock (BLK) and Bitwise.

Coinbase Share Price Inches Closer to $150 on Crypto Market Breakout

On Monday, Coinbase (COIN) rallied 5.48% to $141.09. Shares hit a Monday session high of $146.30 before easing back.

Robinhood (HOODfiled an 8-K form with the SEC on Monday. The report provided trading volume details for November. Significantly, the form highlighted a 75% surge in crypto notional trading volumes in November compared with October. Robinhood shares gained 2.47% on Monday.

Surging investor appetite for cryptos delivered another impressive session. The upside comes despite the ongoing SEC v Coinbase case. Investors remain confident of a favorable outcome to the Coinbase motion to dismiss (MTD).

In the MTD filing, Coinbase argued the SEC lacks the statutory authority to regulate crypto exchanges. A ruling for the defendants would be a boon for the US crypto market.

In June, the SEC charged Coinbase for allegedly operating as an unregistered securities exchange, broker, and clearing agency. The next court date is January 17, 2024, when Judge Katherine Failla will hear oral arguments relating to the MTD.

Coinbase shares approach $150.
COIN 051223 Daily Chart

DOGE Hits $0.0927 for the First Time Since April 2023

On Monday, dogecoin (DOGE) surged 7.49%. After a 0.58% loss on Sunday, DOGE ended the session at $0.0919. Significantly, DOGE struck a Monday high of $0.0927 before easing back.

Investors continued to respond to reports of Tesla (TSLA) planning to accept DOGE as payment for the Cybertruck. The Dogecoin Community shared code from the Cybertruck webpage, highlighting references to DOGE in the payment coding.

On Tuesday, DOGE was 0.11% to $0.0920.

DOGE nears $0.10.
DOGEUSD 051223 Daily Chart

Technical Analysis

Bitcoin Analysis

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

A BTC move through the Monday high of $42,443 would support a breakout from $42,900 to target the $45,000 handle.

Progress toward a BTC-spot ETF and US regulatory activity remain the focal points.

A break below the $41,585 support level would bring the $40,800 support level into play.

The 14-Daily RSI reading of 76.52 shows BTC in overbought territory. Selling pressure could intensify at the Monday high of $42,443.

BTC Daily Chart EMAs send bullish price signals.
BTCUSD 051223 Daily Chart

Ethereum Analysis

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

An ETH move through the Monday high of $2,273 would bring the $2,300 resistance level into play.

However, a drop below the $2,200 handle would support a fall to the $2,143 support level.

The 14-period Daily RSI at 70.91 shows ETH in overbought territory. Selling pressure will likely intensify at the Monday high of $2,273.

ETH Daily Chart EMAs send bullish price signals.
ETHUSD 051223 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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