Why might November 14 be the next big day for Bitcoin?
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Answer Why might November 14 be the next big day for Bitcoin?
Currently, Bitcoin is moving volatile and back from the recent record high.
For information, the record rise in the prices of cryptocurrencies had a major role in institutional investment.
The approval of an exchange-traded fund linked to Bitcoin futures (ETF) appears to be the main driver.
Although the market calmed down for two weeks after the massive rally, buying pressure returned by the end of the weekend.
Which pushed the bitcoin price back into uncharted territory and a new all-time value above $68,000.
Many are anticipating a further decline, as the market could continue to cool down and bring the bitcoin price back to the critical support areas at $65,000 or $63,000 if the former fails.Read:almost…. ATMs in Saudi Arabia will use blockchain technology
In a recent report issued by “Arcane Research” it says: “November 14th may represent an important date for Bitcoin.”
On this date, the US Securities and Exchange Commission (SEC) is expected to issue a ruling on the Bitcoin ETF submitted by VanEck.
Unlike the Bitcoin ETF on the Exchange (CME), a spot investment product can be a greater catalyst for institutional adoption.
Experts claim that the spot market will provide consumers with better trading prices and a more efficient product.
Arcane Research states:
Expectations over the SEC’s decision may be the main reason for bitcoin’s strength in recent days, as traders seek to manage the response, sending bitcoin to all-time highs this week.
Despite the positive outlook, the most likely scenario is a rejection of VanEck’s request.
The head of the SEC appears to be inclined to hold off on all instant Bitcoin ETF proposals, because he believes they will lack consumer protection mechanisms.
Major Bitcoin Price Catalysts:
According to a cryptocurrency market analyst at BitBank, Bitcoin has seen a decline in its dominance as it settled at a low and below 44%.Read:The digital currency GRIN is under attack by 51% … Find out the size of the impact on the price of the currency
This has allowed the altcoin market to outperform bitcoin, but suggests that capital could flow back into the first cryptocurrency by market cap in a short time if it can stay on its upward trajectory.Read:The FTX platform offers the possibility of trading stocks against cryptocurrencies … details here
From another perspective, Bitcoin has another reason to refuel its rockets, as the US will publish its Consumer Price Index report, a gauge of inflation, this week.
High inflation expectations have been driving the massive buying of bitcoin as more institutional investors use it as a hedge against inflation.
Hasegawa, crypto market analyst at BitBank said:
Overall, this week’s US CPI could spark market concerns about inflation and push the inflation rate higher, which in turn could fuel another boost to Bitcoin, given their strong correlations over the past several weeks.
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