Volatile
crypto
markets
this
week
have
resolved
to
the
upside
Wednesday
afternoon,
with
bitcoin
(BTC)
pushing
through
$37,400
and
now
higher
for
the
week
despite
the
exit
from
the
scene
of
another
major
crypto
figure.
Crypto
markets
were
initially
buffeted
Monday
on
the
leak
of
a
potential
massive
settlement
of
U.S.
criminal
charges
against
Binance,
the
world’s
largest
crypto
exchange.
Confirmation
on
Tuesday
of
the
$4.3
billion
fine
as
well
as
a
guilty
plea
by
its
founder
and
CEO
Changpeng
“CZ”
Zhao
–
who
also
agreed
to
step
away
from
the
company
–
shook
markets
further,
sending
bitcoin
plunging
below
$36,000
at
one
point
that
evening.
Markets
have
been
bouncing
since,
though,
with
bitcoin
now
higher
by
about
1.5%
over
the
past
24
hours
and
just
shy
of
$37,400
after
having
begun
the
week
at
about
$37,000.
The
broader
CoinDesk
Market
Index
(CMI)
is
ahead
by
more
than
2%
over
the
past
24
hours,
led
by
a
5%
gain
for
ether
(ETH)
and
6%
advances
for
Solana
(SOL)
and
Chainlink
(LINK).
Stepping
away
from
the
headlines,
a
number
of
observers
have
noted
that
the
Binance
settlement
in
essence
may
have
cleared
the
decks
for
the
U.S.
Securities
and
Exchange
Commission
(SEC)
to
finally
approve
a
spot
bitcoin
ETF.
The
neutering
of
Binance
and
exit
of
CZ,
they
said,
might
have
eased
the
agency’s
concerns
regarding
overseas
manipulation
of
bitcoin
prices.
“With
this
plea
deal,
the
expectations
for
a
spot
Bitcoin
ETF
might
have
increased
to
100%
as
the
industry
will
be
forced
to
follow
the
rules
that
TradFi
firms
must
follow,”
wrote
crypto
services
provider
Matrixport.
“Binance
uncertainty
out
of
the
way,
its
activities
will
now
be
monitored
by
an
independent
compliance
monitor,”
said
economist
Alex
Kruger.
“Waiting
for
the
market
to
agree
with
me
that
this
is
actually
bullish.”