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Crypto market anticipates SEC's decision on Bitcoin ETF

EditorHari Govind
Published 2023-11-24, 07:42 a/m
© Reuters.

The cryptocurrency community is on the edge of its seat today as it awaits the U.S. Securities and Exchange Commission's (SEC) decision on the approval of a Spot Bitcoin ETF. This follows a surge in the market triggered by an unfounded approval rumor back in October.

In recent developments, Chainlink (LINK) has shown resilience despite a retraction from its November 9 peak of $16, which was influenced by the earlier SEC rumor. The token's active addresses hit a yearly high, signaling strong engagement within the Chainlink network. As of last Friday, Chainlink was trading at $15.06, with predictions from Coincodex suggesting an uptick to $15.55. The token has notably sustained above a strong support level of $14.

XRP, another major cryptocurrency, has also demonstrated tenacity amid market fluctuations. After dipping below $0.720, XRP found support around the $0.600 level and is currently trading at a subdued price point of $0.63. Analysts have indicated that XRP could potentially climb to $2.40 soon, drawing parallels to the technical patterns observed before its late 2017 rally and anticipating favorable regulatory outcomes for Ripple.

Additionally, Meme Moguls' native token MGLS is showing bullish signs during its presale stage, priced at $0.0019. The platform offers various features like Meme Moguls Fantasy Trader and Mogul Land, rewarding community engagement with NFTs that are tradeable on OpenSea.

Investors are closely monitoring these tokens and the broader crypto market as they navigate through regulatory expectations and market sentiment.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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