iGaming Crypto Watch December 2023 – Crypto still hinting on a major bull run!

Signals show crypto is hinting on a major bull run! However, the bears are warning of a major crash as the bullish run has vulnerabilities. (Image from Pierre Borthiry at unsplash.com)

There has been a lot of news in the crypto world since the last report, so we created this update, especially for those of you who play at online casinos that accept cryptocurrency.

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Bitcoin has pushed through the psychological barrier of USD 38,000. FTX & Alameda Research transferred USD 10.4m to Binance/Coinbase through various coins, and the SEC is meeting with Blackrock/Greyscale today to discuss BTC ETF applications.

But the most troubling news is that Binance CEO Chengpeng Zhao (CZ) was charged with money laundering. Binance settled the charges with the DOJ in the U.S. He was forced to step down as CEO and pay a fine of USD 4.3b and a personal fine of USD 50m.

The company failed to report suspicious transactions tied to ISIS and Al Qaeda. The SEC said that CZ engaged in a web of deception (inflating trading volumes on its U.S. platform), lack of disclosure and evasion of the law.

Zhao pleaded guilty and faces 18 months to 10 years in jail. The length of the sentence will depend on how the federal government interprets his financial crimes. The judge stated that he had to stay in the U.S. and was released on a USD 175m bond. His case is scheduled for a sentencing hearing on February 23^rd, and CZ is barred from leaving the U.S., at least for now. His home is in the United Arab Emirates, and the U.S. doesn’t have a formal extradition treaty with the U.S. Normally, a multibillionaire defendant who has entered a guilty plea could be sentenced to prison and resides in a nation that refuses to extradite its citizens to the United States would almost certainly be placed under arrest.

Binance will continue operating, albeit with revised guidelines. The organization must uphold and improve its compliance program to guarantee that its operations align with the anti-money laundering regulations of the United States. Additionally, Binance must designate a third-party compliance keeper for five years.
The CEO and founder of Coinbase, Brian Armstong, welcomed the settlement and hopes that the government will pursue more regulatory clarity on the cryptocurrency industry moving forward.

This report will look at Bitcoin, Bitcoin Cash, Litecoin, TRON, Ripple and Ethereum and see their movements over the last month.

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

iGaming Crypto Watch December 2023 Updates

Bitcoin (BTC) – Bitcoin has rallied 44% in the last month and a half. The market leader ground up to the USD 38,000 barrier; the next major resistance level is USD 40k. Market analysts believe that if BTC crosses USD 40k, there will be an immediate retracement back to around USD 39k. The current run-up could be attributed to the SEC meeting with asset managers last Wednesday to discuss whether approval of BTC ETFs is probable. The market is confident that the ETFs will be approved and appears to have boosted the price of BTC. Right now it trades at USD 38,418.80.

Bitcoin Cash (BCH) – Bitcoin Cash has been in a bearish trend for the last month, losing 8%. The altcoin is currently trading at USD 224.90 and has bounced from a previous low last week of USD 216. The key support levels now are USD 220 and USD 218 if the bear trend continues. The significant resistance levels are USD 225 and USD 227 and could break out to new highs.

Litecoin (LTC) – Litecoin has fluctuated greatly in the past month but has remained in positive territory. The altcoin is only up 1.6% since the last report and has increased in the last 3 days. Market analysts have voiced concern over LTC’s marginal increases while the rest of the market is rallying. The modest gains are troubling and may be signaling downward pressure from the bears. The altcoin is trading at USD 71.01, with strong resistance at USD 72 and weak support at USD 69.44.

TRON (TRX) – With claims of connections to organizations like Hamas, Al Qaeda and Hezbollah, Tron is facing difficulties amid the controversy and terrorism-related scrutiny. Solvency issues and regulatory pressures could have a long-lasting negative effect on TRX prices, too. Also, Tron’s CEO, Justin Sun, has been the focus of government agencies looking for financial wrongdoing. Sun allegedly has solvency issues at his HTX and Poloniex exchanges, which will negatively affect TRON’s price if these allegations are true. TRX is trading at USD 0.10 but increased somewhat after hitting USD 0.11 a few days ago.

Ripple (XRP) – The ongoing Ripple vs. SEC court case may have taken a turn yesterday as speculators believe that the SEC will meet with Ripple lawyers to resolve a court case that has been going on for years. Ripple paid a USD 700m okay last summer, which has shaken the cryptocurrency market and investor sentiment. XRP’s market behavior has been scrutinised, and all large XRP sales are well-known throughout the sector. Ripple hit a 4-month high early in November of USD 0.61 and has come off. It is now trading at USD 0.61 and appears to be in a bearish trend.

Ethereum (ETH) – Since the last report, Ethereum is up 13% and looks poised to breakout into higher highs. The coin is approaching the yearly high of USD 2,121, achieved in early November. Analysts believe that ETH is on the verge of a breakout above USD 2,200, where there is strong resistance. The coin is trading at USD 2,090 and tested USD 2,150 twice this week, an essential level on its way to USD 2,200.

Disclaimer: If you are looking for crypto investment advice, the best place to look is a site that specialises in crypto or a Youtube channcel. Currently there appears to be a lot of hype about mid-cap coins. However, we are not experts, so if you are interested in crypto investment try sites like the Coinbase learn crypto page.