iGaming Crypto Watch November 2023 – Cryptos continue upswing!

BCH reports highest 2023 yearly gainsup 151%, while BTC is up 112%. LTC remains -1.54% down in this iGaming Crypto Watch November 2023! (Image from Pierre Borthiry at unsplash.com)

The two most significant stories in the crypto industry are that Bitcoin is surging and the trial of Sam Bankman-Fried.

News agencies covering these stories have been awash with assumptions and rationales for understanding the complicated world of cryptocurrency. While the SEC highlights the faults of crypto exchanges and seeks to set new regulatory guidelines, the industry battles issues in court as new controversies come to light.

Market analysts continue to second guess where Bitcoin and the market in general are headed based on past and present data and external monetary/economic factors.

Bitcoin is now at a 17-month high, boosted because of a rumour two weeks ago that the SEC would approve applications by large institutional investors to trade U.S. ETFs. BTC is currently listed on a Nasdaq clearing house for ETFs (Depository Trust & Clearing Corp.) but is awaiting approval to trade the spot ETF officially.

The BTC surge can also be attributed to the Fed not raising interest rates in the next few months. Cryptocurrency enthusiasts expect a continued rise in BTC, but liquidity in the market could be an issue and, therefore, a possible pullback.

After the collapse of FTX almost a year ago, the trial of Sam Bankman-Fried (SBF) is almost 3 weeks old and coming to a close. SBF is the central figure in the trial, with the U.S. government alleging that the FTX exchange was based on deceit and deception. Billions of dollars from the exchange were transferred to Alameda Research (SBF’s initial crypto trading company) without the client’s knowledge or approval. SBF owned 90% of Alameda, and the illegal transfers were to enrich himself, government attorneys allege. The founder of FTX is accused of seven offences, including money laundering, fraud against Alameda’s lenders, fraud against FTX investors and scamming FTX consumers, which carries a penalty of up to 20 years in prison.

SBF’s lawyers have defended the court case, stating that other senior FTX executives were responsible for the bankruptcy and that SBF would repay lenders. Legal experts believe the jury will find SBF guilty of all charges based on the evidence and a weak legal defence. The jury will start deliberating the case on November 2^nd, and SBF could face up to 20 years in prison.

iGaming Crypto Watch: See last month’s crypto prices via the iGaming Crypto Watch October 2023 update here.

iGaming Crypto Watch November 2023 Updates

Bitcoin (BTC) – After breaking through the psychological barrier of USD 35k today, (nearly touching $36k), BTC has consolidated to allow fresh liquidity to enter the market. The cryptocurrency has pulled back in SEA trading at USD 35,281. The market remains bullish on the news of ‘when’ the coin will list the first spot ETF… not ‘if.’ The BTC price is unstable above USD 35k and could retrace back to the USD 33,500 level. The next resistance level is USD 36,500, and if the coin breaks through this price, $40K is the next target.

Bitcoin Cash (BCH) – Bitcoin Cash hit a 3-month high last week of USD 262 but has retraced. Market analysts have pointed out that a significant decline in network activity is the reason for the BCH decline. The number of active users has dropped 79%, and the number of new users has dipped a surprising 85% in the last week. These metrics signal a bearish trend, which could see less market demand and drop prices below USD 240. The altcoin is currently trading at USD 242.98 with resistance at USD 246.

Litecoin (LTC) – Litecoin has surged 16% in the last two weeks, but a pullback could be around the corner. BTC has pushed the market up, but this could be short-lived for LTC. In the last 24 hours, LTC trading volume has increased 12%, hitting USD 70.89, but the price has declined and is currently trading at USD 69.80. The altcoin has support at USD 67.80, but bullish momentum could push it to 2-month highs if it breaks USD 71.20.

TRON (TRX) – TRON is one of the best stablecoins in the market. The coin is up 11% in the last 2 weeks and is emerging as a top contender in this market sector, just behind Ethereum. TRON has 26% of the market ETH has 60%, and TRX continues to gain market share. TRX is currently trading at USD 0.098 with extreme resistance at USD 0.11.

Ripple (XRP) – Ripple has ridden the wave of positive market sentiment and surged 17% in the last 2 weeks. The price rise can also be attributed to several different developments, including the rejection of an appeal by the SEC and the lawsuit against senior executives being dropped. The positive buzz surrounding XRP can also be attributed to the probable approval of BTC spot ETFs. XRP is currently trading at USD 0.61 with significant resistance at USD 0.63.

Ethereum (ETH) – Ethereum bounced 17% last week but has levelled off in the previous few days and is currently trading at USD 1,834. The coin is soaring alongside the market upswing but there are other factors that are contributing to its continued rise. ETH has made significant technological advancements, such as separating ERC and EIP, which divide new tokens/smart contracts from protocol improvements, respectively. This will enable distinct track records of past and present improvements to all application codes.

Disclaimer: The cryptocurrency information provided is not investment advice. For expert prediction on the topic of crypto trading or investment, please visit a crypto portal that covers wallet and exchange reviews and/or advice on how to trade cryptocurrencies. For crypto casinos, check out the Bitcoin casino page here.