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Bitcoin and ETH hit new highs
In the past two weeks, BTC price has increased rapidly from about 37,000 USD to now 45,000 USD. Even the crypto market is growing again. The growth of BTC is mainly due to the supply-demand gap.
From month to now, Bitcoin has been withdrawn from the exchange and the number of wages on the exchanges has plummeted. At that time, the supply of BTC is decreasing, so when the demand for BTC increases, it will put pressure on the price and cause the price to increase.
Bitcoin and ETH continuously hit new highs that have made them into the top 20 assets by market capitalization today. The capitalization of BTC has surpassed the number 8 position and is very close to the capitalization of Silver. As BTC continues to grow, it could overtake silver on the asset chart by capitalization.
With the price at $67,500, 99.26% of Bitcoin is profitable. The times when BTC has a high profit may have a profit taking phenomenon and investors should prepare for a correction in BTC psychology.
The NUPL indicator remains in the green safe zone. If it corrects, BTC could accumulate more and have a higher chance of growth. Other indices such as RHODL, Peull Multiple, Market Cap To Thermocap ratio,… are also in safe zone with no sign of peak.
Regarding the amount of BTC deposited on the exchange yesterday, it was not significantly higher than the amount loaded on the floor when the price surpassed the old peak.
The Funding Rate index has increased slightly. The volume of future orders is still at a high level.
In general, on-chain data has not shown signs of peaking. Currently, only the amount of BTC that is profitable is high and there may be a profit taking phenomenon. But BTC and ETH trends are still being withdrawn from the exchange.
The market waits for a Bitcoin spot ETF
Even Spain’s Santander Bank is about to launch a Bitcoin ETF. The bank also stated, “We are a leader in the crypto space. We issue the first bond on the blockchain. We have a strong team working on this field. Our client wanted to buy bitcoin, but we were slow to accept it due to legal issues. Now we are about to offer Crypto ETF.”
It can be seen that in the past banks did not like and attack BTC. But so far they have seen a huge profit from BTC or providing crypto-related services. At the same time, when their customers need and want to buy BTC, these banks all participate in the crypto market. Former Citigroup CEO Vikram Pandit also said that major banks will likely consider offering cryptocurrency trading services in the near future.
Speaking to Bloomberg’s Haslinda Amin during the Singapore Fintech Festival event, Pandit, said the shift is likely to happen in the next one to three years, with securities firms joining banks to invest in it. electronic money. He noted that the benefits that come with cryptocurrencies will force top banks to invest in digital currencies.
Another country, Zimbabwe, is looking at using Bitcoin (BTC) as a legitimate payment option to meet this growing demand and mine the technology, according to local news. According to Mr. Charles Wekwete, the former head of the government’s technology department, said that Zimbabwe is in the stage of understanding and discussion.
Up to now, the US government has also confirmed that it does not ban BTC. They just want to regulate crypto through taxes and combat money laundering related crime. The US already has three Bitcoin Future ETFs and a bunch of ETFs awaiting approval. But the market is still waiting for a Bitcoin spot ETF.
Yesterday, crypto lending and lending services firm BlockFi filed paperwork with the SEC to register a true Bitcoin-based Bitcoin ETF.
A VanEck Bitcoin spot ETF is also due for the SEC to decide on Nov. 14. At this time, the SEC is required to choose whether to approve or reject this proposal. Many rumors suggest that VanEck’s Bitcoin spot ETF could be approved. Maybe this is one of the reasons why more fomo investors cause BTC price to increase.
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