Bitcoin, Ethereum, Dogecoin Mixed After SEC Sues Kraken: Analyst Warns Historical Data Suggests Possible Thanksgiving Crypto Sell-Offs

Bitcoin, Ethereum, Dogecoin Mixed After SEC Sues Kraken: Analyst Warns Historical Data Suggests Possible Thanksgiving Crypto Sell-Offs

Benzinga – Major cryptocurrencies traded in a mixed manner on Monday evening, as there is an ongoing concern about the future of the world’s largest crypto exchange Binance.

Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EST)
Bitcoin (CRYPTO: BTC) +0.86% $37,588
Ethereum (CRYPTO: ETH) +1.31% $2,030
Dogecoin (CRYPTO: DOGE) -2.20% $0.078

What Happened: According to Bloomberg, Binance may resolve multiple criminal charges in the U.S. by paying $4 billion by the end of the month. Notably, this settlement is expected to enable the exchange to continue its operations.

In other news, The Securities and Exchange Commission (SEC) has taken legal action against Kraken, an alleged case of commingling customer funds and failure to register as a securities exchange, broker, dealer, and clearing agency. According to a complaint filed on November 20 in a San Francisco federal court, the SEC has accused Kraken of operating as an unlawful platform for buying and selling cryptocurrencies since 2018.

Top Gainer (24 Hour)

Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EDT)
ApeCoin +9.21% $1.51
Pancake Swap +7.85% $2.71
BNB +6.59% $263.92

The global crypto market cap currently stands at $1.43 trillion, reflecting a decrease of 0.56% in the past 24 hours.

Stocks soared on Monday, setting a positive tone for the holiday-shortened week. The surge was primarily fueled by gains in the technology sector, spearheaded by Microsoft and Nvidia.

The S&P 500 experienced an increase of 0.74% and concluded at 4,547.38. The Nasdaq Composite outperformed, rising 1.13% and closing at 14,284.53.

As the Thanksgiving holiday approaches, it is important to note that U.S. markets will be closed on Thursday and trading hours will be shortened on Friday. Historically, trading during this time can be volatile, but November has proven to be a fruitful month for the S&P 500, according to the Stock Traders’ Almanac.

Investors will also keep a close watch on the release of the latest Federal Reserve minutes scheduled for Tuesday.

See More: Best Cryptocurrency Scanners

Analyst Notes: Cryptocurrency analyst Michael Van de Poppe maintains his theory on Bitcoin. The upward trend remains intact, with the resistance area undergoing significant testing.

“I expect a breakout upwards beginning December to $38-40K if this upwards trend remains valid.”

Pseudonymous analyst Kaleo has identified a recurring pattern in recent years during the Thanksgiving weekend. It seems that more often than not, there has been a notable sell-off in the cryptocurrency market:

– In 2022, Bitcoin (BTC) experienced a 5% drop.

– In 2021, BTC saw a 10% decline.

– In 2020, BTC had a significant drop of 17%.

“None of those are too crazy, but as you can see below there were some decent sell offs across alts with them. Might not be a bad idea to have some dry powder ready to snag any dips if the trend holds up,” the analyst tweeted.

Santiment, a prominent firm specializing in on-chain data analytics for the crypto market, has noted that Solana has experienced significant growth in its market value over the weekend. Traders have pushed prices beyond $60 for the first time since May 2022. This surge in value has sparked a major wave of FOMO, with a remarkable level of positivity not seen in over a year.


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