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Don't’ believe the hype — Bitcoin price rally to $17K reflects improving sentiment

Published 11/30/2022, 03:30 PM
Updated 11/30/2022, 05:00 PM
Don't’ believe the hype — Bitcoin price rally to $17K reflects improving sentiment

Bitcoin (BTC) price gained 6.1% between Nov. 28 and Nov. 30 after briefly testing the $17,000 support. Favorable regulatory winds might have helped fuel the rally after the Binance exchange announced the acquisition of a regulated crypto exchange in Japan on Nov. 30.

Bitcoin 12-hour price index, USD. Source: TradingView

Binance shut its operations in Japan in 2018 after being warned by the Japan Financial Services Agency for operating without a license. The acquisition of Sakura Exchange BitCoin would mark the re-entry of Binance in the Japanese market.

Bitcoin 2-month futures annualized premium. Source: Laevitas.ch
Exchanges' top traders Bitcoin long-to-short ratio. Source: Coinglass

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