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Bitcoin yesterday was still around the threshold of 61,000 to 63,000 USD. Bitcoin had one point plummeting from $63,000 to $61,000 within a minute and then rebounding. Many altcoins surged and reached new peaks such as ETH, SOL,… Coin SOL surpassed ADA in terms of capitalization to the 4th position.
Profitable BTC is still at a high above 95% but a share on CryptoQuant shows that BTC has not yet reached its peak this season.
The above share shows signs of when BTC has peaked and investors need to pay attention. When BTC surged and the Funding Rate increased. Add to that a sign of profit taking by long-term investors, which is a sign that BTC has peaked.
During the bull season, there will be profit taking and the elephants will cause panic selling and buying of BTC. As it stands, the Funding rate is up but not as high as in April this year. And long-term investors show no signs of strong profit-taking and BTC continues to be withdrawn from the exchange more than the deposit.
ETH, although reaching a new peak, has continued to be withdrawn from the exchange in the past few days. Recently, Goldman Sachs made a prediction that ETH could reach a price of $8,000. ETH is also increasingly supported by institutional investors.
According to a report by Coinshare, the week ending October 29, the capital of the investment funds they are counting on has added $ 288 million into the crypto market. The most inflows are still BTC, followed by ETH, Solana, Cardano and Polkadot.
Fed continues to keep interest rates low, many MPs put pressure on the SEC
After the meeting in early November, the Fed announced to keep interest rates unchanged and gradually reduce bond purchases, the first step in withdrawing aid for the US economy. The Fed continued to report that inflation and price increases were “fairly substantial” but still “temporary.” While the epidemic has affected, so far stocks or real estate in the US are reaching a record high.
The US market is most interested in interest rates, which continue to keep low, which is a factor that helps stimulate borrowing and this cash flow continues to pour into investment in real estate, securities, business,…
Congressman Ted Cruz shared a text suggesting that food and souvenir businesses around the National Assembly should accept crypto payments. Since the majority of congressmen do not understand crypto, this will help US congressmen and government to understand crypto better.
Recently, the SEC asked Direxion to withdraw the Bitcoin Bear ETF application to short Bitcoin futures. The SEC also did not accept a leveraged Bitcoin ETF last week. The SEC is not ready for more and they are delaying the BTC short ETF as well as the real BTC based BTC ETF.
In response to the reason that the SEC has not approved the Bitcoin Spot ETF because it wants to protect investors, two congressmen have sent a letter showing the contradiction in the argument. Two Congressmen Tom Emmer and Darren Soto expressed support for the approval of Bitcoin spot ETF trading.
The two argued that the Bitcoin Future ETF is more risky than the conventional Bitcoin ETF trading. So why did the SEC want to protect investors but let it pass the Bitcoin Future ETF first?
As for the reason that Bitcoin is subject to large price fluctuations and fluctuations, the Bitcoin Future ETF on CME also updates prices according to regular crypto exchanges such as Coinbase, Kraken, Bitstamp. So how can the BTC Future ETF fund protect investors? Based on the above arguments, the two congressmen suggested that the SEC soon approve a Bitcoin-based Bitcoin spot ETF.
Other pro-BTC MPs like Synthia Lummis also stated that she believes BTC is the digital gold and asset of the future, part of the financial market. Following in the footsteps of the mayor of Miami, the new mayor of New York City, Eric Adam also said that he wants New York to be a crypto-friendly city.
The support of US politicians with BTC as well as crypto is growing. They also find that, if the US does not accelerate crypto adoption, it will be left behind.
BTC was also accepted by leading banks in the US and started offering crypto services to their customers.
Commonwealth Bank, Australia’s largest bank, is planning to integrate cryptocurrency into its digital app. According to the announcement, the bank will also be able to conduct public transactions with Gemini, a US-based exchange, and Chainalyis, a blockchain analytics firm, both of which will act as backs for the exchange. application integration.
Wall Street-based investment bank Morgan Stanley has released a detailed report on Bitcoin and crypto assets for its wealth management clients.
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