Bitcoin flat near $75,700 as fear eases and Binance shuts some EU accounts

Bitcoin held almost unchanged near $75,700 as crypto sentiment edged out of extreme fear, with the Fear & Greed Index rising to 28 from 25. The market stayed quiet while exchange news dominated: CoinDesk reports that Binance has told users in some European countries to withdraw their crypto, with accounts set to close by year end.

Bitcoin

Bitcoin traded at $75,701 in the latest CoinGecko snapshot (00:33 UTC on 8 November), down 0.21% over 24 hours and down 2.23% over seven days. The 24-hour range was tight, from $75,541 to $76,150. Volume was $10.8 billion and market capitalisation stood at $1,522.3 billion.

That is close to the level in our previous recap, and the narrow range suggests the selling pressure from earlier in the week has paused for now. You can follow the price on the BTC/USD chart.

Ether and the other majors

Ether slipped 0.21% to $2,234.70, trading between $2,222.96 and $2,248.60. Over seven days it is down only 0.73%, a smaller loss than Bitcoin's. BNB was the only major in the green over 24 hours. XRP remained the weakest large coin, down 7% over the week. See the ETH/USD chart.

Breadth and sentiment

Total crypto market capitalisation was $2.562 trillion, down 2.75% over 24 hours according to CoinGecko. That drop is larger than the moves in the majors listed above. Bitcoin dominance stood at 59.3% and Ether dominance at 10.6%.

The Alternative.me Fear & Greed Index read 28 (Fear) on 8 November, up from 25 (Extreme Fear) a day earlier. The index was at a neutral 50 on 5 November before the stock sell-off pushed it down to 28 on 6 November. Over the past eight days it has stayed in fear on every day except that single neutral reading.

What moved the market

• Binance in Europe. CoinDesk reports that some European Binance users were told to pull their crypto before fees kick in. Affected accounts are reportedly set to close on 31 December. Users in Spain, France and Poland say they received similar notices.
• MEXC cut off. According to CoinDesk, the US Treasury framed its move against MEXC as part of its campaign against Iran. CoinDesk adds that the order itself rests on MEXC's alleged role in Russian illicit finance.
• Tokenized stocks. Decrypt reports that Apple and Meta have objected, so all seven of the largest US tech companies have now asked to keep their shares off the planned OKX-ICE venue.
• Gnosis Pay breach. CoinDesk reports that the breach exposed card numbers, home addresses and linked crypto wallets, raising the risk of targeted scams.
• Stocks. Decrypt says AI chip stocks rebounded on Friday after a historic sell-off, though it questions whether politics and debt could deepen the correction. On the macro side, our sister site covers how the dollar posted its best day since June after strong US payrolls.

What to watch next

1. Binance account closures. Affected European accounts are reportedly set to close on 31 December, according to CoinDesk.
2. OKX-ICE venue. CoinDesk reports that Strategy, Coinbase, Circle and Robinhood are among six initially selected companies with no disclosed objection.
3. Hyperliquid in the US. Decrypt reports that Hyperliquid Strategies has applied to become a US futures commission merchant, pending regulatory approval.
4. Paraguay. Decrypt reports that protests over a bank lockout are intensifying as an impeachment vote on President Peña nears.

CryptoClick Desk