K33 Research Report indicates that Bitcoin and Ethereum have shown strong dependence in the past week after the US Department of Justice reached a settlement with cryptocurrency exchange Binance on November 21. Senior analysts Vetle Lunde and Vice President Anders Helseth stated that although comparisons have been made to the collapse of FTX, "Binance is operating illegally in the United States, and they will no longer be able to do so, but the settlement has nothing to do with mishandling client funds," and "there will be no contagious effects in the future." Lunde and Helseth believe that despite Binance's market share declining this year and recording over $1 billion in outflows within 24 hours after being fined $4.3 billion, Binance will not disappear soon. "Nevertheless, Binance's strong user base indicates that as we enter 2024, Binance will still be the cornerstone of the cryptocurrency market structure,"
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K33 Research: Crypto markets unaffected by DOJ settlement, Binance won’t disappear
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