Bitcoin Rebounds to $37300 with Binance Settlement Optimism

Bitcoin has shown remarkable resilience in its price movements, bouncing back from a recent low to a daily high of 37300. This rebound is due in part to traders' reaction to Binance’s legal settlement with the US Department of Justice, which is fueling optimism for a US-based Bitcoin ETF. The options market is reflecting this bullish sentiment, with increased trading activity in call options, particularly for expiry dates in March 2024. Analysts observe positive call-put skews, suggesting market confidence despite potential regulatory upheavals. This optimism is rooted in expectations of a regulatory cleanup in the cryptocurrency sector, which is seen as a stepping stone towards the approval of a cryptocurrency ETF in the U.S. This bullish outlook prevails despite the unexpected exit of Binance’s CEO, Changpeng Zhao, in a landmark legal settlement.