Cryptocurrency prices have risen after Binance, the world's top crypto exchange, agreed to pay a $4.3 billion anti-money laundering settlement with the Department of Justice. The settlement is related to a years-long probe that found the exchange failed to register as a money-transmitting business and violated both the Bank Secrecy Act and the International Emergency Economic Powers Act. As part of the settlement, CEO Changpeng 'CZ' Zhao resigned from his role and pleaded guilty to failing to maintain an effective anti-money laundering program. Zhao will personally pay a $50 million fine and could face up to an 18-month prison sentence. The Binance announcement comes after former FTX CEO Sam Bankman-Fried was found guilty on seven criminal charges for his role in the 2022 collapse of the crypto exchange.
On Friday morning, the price of Bitcoin approached $37,800 while Ethereum rose above $2,100. Cryptocurrencies saw an increase early in the week after pro-Bitcoin, right-wing libertarian, Javier Milei, won the presidential election in Argentina on Sunday. Milei, who identifies as an "anarcho-capitalist," has expressed his positivity towards Bitcoin in the past, referring to it as "the return of money to its original creator - the private sector." But he stopped short of advocating for the cryptocurrency to be used as legal tender in the country.
Crypto Currency Price Action
Bitcoin traded just below $37,800 early on Friday after surging to $37,990 overnight - its highest level since May 2022. The cryptocurrency has not been able to maintain its $38,000 level since April 2022. This year, the world's largest cryptocurrency has rebounded by more than 128%.
On Friday morning, Ethereum was hovering around $2,100, down from its overnight high of $2,124. On November 9, following its upgrade to a proof-of-stake network in Shanghai, ETH reached a monthly high of $2,135, almost matching its peak from April 2023. The second-largest cryptocurrency has surged by roughly 75% year-to-date
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Investing in digital assets can be highly volatile. Although the fundamentals and technical indicators of different cryptocurrencies may vary, investors should focus on the same key objectives. Firstly, it is important to protect your investments by knowing when to sell, cut losses, or capture profits. Secondly, you should be prepared to profit if the cryptocurrency starts to rebound.
