Bitcoin (BTC), the world’s longest-running and highly valued cryptocurrency, breached the $37,000 threshold this morning. This surge in the value of Bitcoin coincided with the favorable outcome of Argentina’s presidential election, where Javier Miley (known for his positive stance towards Bitcoin) emerged victorious. Meanwhile, Ethereum (ETH) experienced a notable rise, surpassing the $2,000 mark. This surge in Ethereum’s value was attributed to increased market interest after Fidelity expressed intentions to pursue an Ethereum exchange-traded fund (ETF).
Before we proceed further, readers should note that the overall crypto market and coin prices are extremely volatile in nature. There is no surefire way to predict how cryptocurrencies will behave in the future. The purpose of this article is to help investors take a closer look at the current market scenarios and the biggest events that have already occurred, as well as some upcoming events that are worth paying attention to. Investors are advised to do their research before taking any decisions.
Crypto prices in the last week
The total crypto market cap last Monday (November 13) was $1.42 trillion. The price of BTC was around $37,030, the price of ETH was around $2,040.
A week later, the total market cap fell to $1.41 trillion.
Check out the top crypto prices today
The total volume in DeFi is $4.51 billion, which is 11.35 percent of the total market 24-hour volume. In the case of stablecoins, the total volume is $34.94 billion, which is 87.93 percent of the total 24-hour market volume. According to CoinMarketCap, the overall Market Fear and Greed Index was at ‘Greed’ with 74 points (out of 100) – seeing continued confidence among investors compared to last week.
At the time of writing BTC dominance stood at 51.41 percent.
Over the past seven days, Bitcoin hit a high of $37,878.59 (on November 16) and a low of $35,134.67 (on November 15).
On the other hand, Ethereum saw a high of $2,115.78 (November 13) and a low of $1,916.01 (November 17).
Noteworthy Crypto Events
Javier Meili is poised to become Argentina’s next president, with his rival Sergio Massa admitting defeat on Sunday evening, saying “Argentina has chosen another path.” With nearly 87 percent of the votes cast, Miley has 56 percent of the vote, according to Bloomberg, while Massa trails with 44 percent. The cryptocurrency market reacted to this political shift, with Bitcoin (BTC) experiencing a significant rise on Sunday afternoon amid speculation of Miley’s strong performance.
Following Massa’s concession, Bitcoin has seen its value rise by nearly 3 percent in the last 24 hours, reaching $37,350. Earlier in the year, Miley expressed her views on central banks, saying, “We have to understand that central banks are a scam.” When questioned about Bitcoin, he emphasized its importance as a representation of returning money to its original creators, the private sector. While Miley has advocated abolishing Argentina’s central bank and dollarizing an economy that struggled with an inflation rate that hit a staggering 142 percent in October, he has not explicitly proposed making Bitcoin legal tender at this point.
Additionally, Ethereum prices are also seeing a rare surge. In a filing on Friday, financial powerhouse Fidelity expressed its intention to launch an exchange-traded fund (ETF) focused on Ethereum’s ether (ETH), mirroring its rival BlackRock in stepping up its involvement in the cryptocurrency space. Is.
The proposed Fidelity Ethereum Fund is to be listed on an exchange affiliated with Cboe Global Markets. The filing, made public by Cboe Global Markets, reveals plans for this potential product. However, the fate of other ETFs like Fidelity and BlackRock depends on the decision of the US Securities and Exchange Commission (SEC), which must grant approval for these investment vehicles. BlackRock announced its own ETF offering earlier this month, fueling growing interest in cryptocurrency investment opportunities.
Finally, in some negative news, the US Securities and Exchange Commission (SEC) has revealed a postponement in the decision-making process regarding the approval of spot Bitcoin ETF applications from both Franklin Templeton and Global X. today for Franklin Templeton and November 21 for Global
The postponement in the decision-making process was not entirely unexpected, as expectations for spot Bitcoin ETF approval were already low this week. The current trading price of Bitcoin (BTC) is $36,450, showing a slight increase for the day.
What crypto traders are saying about the current market scenario
Rajagopal Menon, Vice President at WazirX, said, “Last week, Bitcoin and Ethereum experienced a retracement after a four-week surge. The anticipation of spot Bitcoin ETF approval by the SEC remains a focal point. Optimism remains despite the unexpected retracement that resulted in over $300 million of liquidations. A fake news event caused a significant increase in XRP price. Cathie Wood’s news interview expresses confidence that the crypto market based on Bitcoin and Ethereum will grow to $25 trillion by 2030. The Crypto Fear and Greed Index rose to 70, indicating increased optimism.
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Disclaimer: Crypto products and NFTs are unregulated and can be extremely risky. There may be no regulatory recourse for any losses arising from such transactions. Cryptocurrencies are not legal tender and are subject to market risks. Readers are advised to seek expert advice and carefully read the offer documents as well as relevant important literature on the subject before making any investment. Cryptocurrency market predictions are speculation and any investment made will be at the readers’ sole cost and risk.