Bitcoin Holds Steady Near $37K Despite Regulatory Headwinds
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Bitcoin price showed resilience, trading near $37,000 despite negative events like Binance's plea deal, charges against Kraken exchange, and Mt Gox trustee plans.
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Traders anticipated a crypto crash if Binance was indicted, but that did not happen. Bitcoin futures premium and options skew indicate no rush to hedge positions.
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Binance becoming compliant could increase chances of Bitcoin spot ETF approval, a big positive.
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Liquidations of $70M in BTC longs reduced future downside pressure. Even if price drops to $35K again, no sign of excess optimism.
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With ETF decisions scheduled for Jan/Feb and limited incentive for bears to pressure market after recent news had zero impact, path to $40K looks more certain.