Mudrex Crypto Market Outlook | November 21 – November 27 2023


  • SEC delaying the spot ETF decision
  • Dubai cracks the whip on crypto firms
  • Institutional Interest Snowballing?
  • Biggest winner and loser of the week

Key Observations


SEC defers decision on the ETF approval

Figure 1:  Crypto enthusiasts eagerly awaiting the green light for the ETF will need to be patient

The U.S. Securities and Exchange Commission (SEC) has once again deferred decision on pending applications. The recent eight-day window for potential approvals has passed without launching any new ETFs, prompting the SEC to announce a review of the applications in the coming year. 

The SEC has postponed approval for a spot Bitcoin ETF from Global X and Franklin Templeton. These delays have become common as the SEC remains cautious about approving Bitcoin ETFs due to market manipulation concerns.

Market observers have long anticipated the potential approval of a Bitcoin ETF, which could result in a substantial influx of capital from Wall Street into the cryptocurrency market. Analysts at CryptoQuant suggest that such approval could provide a $1 trillion boost to Bitcoin and other digital assets.

Dubai fines 18 crypto firms for Compliance Failure

Figure 2:  Dubai’s Virtual Assets Regulatory Authority cracking down on crypto firms

The Virtual Assets Regulatory Authority in Dubai found that 18 crypto firms failed to engage with its licensing process before the November 17th deadline. In a recent announcement, the Dubai Virtual Asset Regulatory Authority (VARA) disclosed that 18 Virtual Asset Service Providers licensed under the Department of Economy and Tourism have been fined for non-compliance with VARA’s directives. 

These enforcement actions are part of VARA’s ongoing efforts to address breaches, reinforce regulatory resilience in global markets, and ensure consumer protection. Firms intending to provide crypto services in Dubai are urged to contact VARA promptly to avoid additional penalties. Meanwhile, consumers are advised to refer to VARA’s website for an updated list of approved VASPs in Dubai.

Institutional Interest Garners Momentum

In a notable development, Hong Kong’s Securities and Futures Commission provided authorizations for three crypto ETFs in this country, which are backed by BTC and ETH.

The largest Swiss bank, UBS Group AG, will allow its clients to trade exchange-traded funds linked to cryptocurrencies on the Hong Kong platform. However, this option will be allowed to clients with a minimum of $2 million in funds.

Figure 3 : This development aligns with Hong Kong’s broader strategy of establishing itself as a crypto hub

The news came after HSBC Bank said it plans to start a digital assets custody service for institutional clients.

Top gainer of the week: Kaspa (KAS) up by 57% ⬆️

Figure 4: KAS technical analysis


Fundamental Analysis:


Fundamental Analysis:

The value of Kaspa surged last week after it was added to the Coinbase Global platform, hitting a record high and, in turn, giving the listed commodity a sense of legitimacy. In the coming days, there will be updates on KAS’s integration with the OKX wallet and a $1 million airdrop. Binance’s decision to list KAS for trading also fuels the interest.

Technical Analysis:

The moving average has acted as support through the rally-up. The support level 0.125 will likely be tested if current levels fail to hold. The increase in volume corresponds to the increase in price action. The RSI levels are above 70, which indicates that KAS is in the overbought region. We can anticipate a correction in the coming days.

Oscillator indicators: 0 bearish, 9 neutral, 2 bullish

Moving average indicators: 1 bearish, 1 neutral, 13 bullish

Biggest loser of the week:  Polygon (MATIC) down by 13.30% ⬇️

Figure 5: MATIC technical analysis


Fundamental analysis: MATIC saw a $ 55 million transfer to Coinbase that slowed its price momentum. Investors and traders had reason to anticipate a spike in selling pressure that could drag MATIC prices down.

Technical analysis: The moving average acts as the resistance after being the support on its way up. MATIC will likely test the support regions of 0.78-0.8 if the current levels fail to hold.

Oscillator indicators: 1 bearish, 9 neutral, 1 bullish

Moving Average indicators: 4 bearish, 1 neutral, 10 bullish


The cryptocurrency market was marked with important events. SEC delaying the ETF decision, Dubai cracking down crypto firms, and Hong Kong taking crypto center stage round up the key highlights of this week. The activity in the market suggests that the market shall test resistance levels of 38,000 before moving up.


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