- Towards the end of October, Bitcoin (BTC) broke out of its prolonged period of stagnation, surpassing $30,000 and even managing to touch above $35,000 several times in the past 7 days.
- BTC, while maintaining a relatively stable price in the first full week of November, many believe we are witnessing an accumulation phase before the next rally.
- DZ Bank is not the only European institution showing significant interest in Bitcoin. Deutsche Bank, a giant with $1.4 trillion in assets, has been seeking a crypto custody license in early 2023.
The Bitcoin market concluded October strongly: what should Bitcoin investors pay attention to in November? What do the latest news indicate?
Bitcoin Investors Should Be Cautious in November…
Towards the end of October, Bitcoin (BTC) broke out of its prolonged period of stagnation, surpassing $30,000 and even managing to touch above $35,000 several times in the past 7 days. However, it has so far failed to sustain its upward momentum and is currently trading just below $35,000 at the time of writing.
Despite Bitcoin’s current reluctance to make a strong move—either upwards or downwards—it has become the center of attention for the global crypto community and with “Uptober,” November might be a crucial month for many reasons.
Pay Attention to Sudden Movements
BTC, while maintaining a relatively stable price in the first full week of November, many believe we are witnessing an accumulation phase before the next rally. The rally towards the end of October refocused the world’s largest cryptocurrency and reignited excitement in the overall market, and underlying data confirms this trend.
Especially November 4th was a significant day in this regard, as it drew attention with 700,000 new addresses joining the network within 24 hours. With so much interest in Bitcoin, it is likely to experience rapid increases once it definitively breaches a significant psychological level—either bullish or bearish.
Indeed, despite the general expectations that BTC has entered a rally—perhaps a halving rally—some analysts still point out that a significant price correction might be on the horizon. However, others completely dismiss such a possibility, believing that as long as the cryptocurrency stays firmly above $35,000, it could enter a rally that could reach as high as $50,000 to $60,000 by the end of the year.
High-Profile Adoptions
There has been significant institutional interest in Bitcoin throughout 2023—even during stagnant months. For instance, in the United States, BNY Mellon’s CEO defined blockchain technology as the company’s longest-term move.
Germany, despite strict regulations, has been quite active. November has already brought significant developments; DZ Bank, Germany’s third-largest bank, has launched a crypto custody platform for institutional investors. The bank has committed to offering Bitcoin and other cryptocurrency trading to its clients by the end of 2023. DZ Bank is not the only European institution showing significant interest in Bitcoin. Deutsche Bank, a giant with $1.4 trillion in assets, has been seeking a crypto custody license in early 2023.
Finally, the interest in Bitcoin in 2023 is not limited to banks and well-known firms like Tesla and MicroStrategy, both of which hold BTC assets. Both candidates in Argentina’s presidential runoff election set for November 19 are crypto-friendly.
Indeed, COINOTAG previously reported that Bitcoin was already a big winner in the country; Sergio Massa hopes to use excess natural gas from the Vaca Muerta shale formation to support a national cryptocurrency mining program. Meanwhile, Javier Milei prefers Bitcoin over centrally controlled currencies, considering the country’s inflation crisis.
Regulatory Landscape Changes
A significant factor contributing to the relatively calm performance of the cryptocurrency market for most of 2023 has been the ongoing regulatory onslaught, particularly from the U.S. Securities and Exchange Commission (SEC).
Recent months have brought some changes to the dynamics as regulators handed a few defeats to leading players in the sector. Failures in SEC’s lawsuit against XRP have been particularly notable, sparking renewed speculation about the possibility of Ripple Labs going public. Additionally, the possibilities of a spot Bitcoin exchange-traded fund (ETF) for the world’s largest cryptocurrency are crucial.
Indeed, Bitcoin experienced one of its best days in recent memory when news broke on October 24th that unified funds’ BlackRock-listed spot Bitcoin ETF was in the works, causing a 14% surge. Considering the impact of the subsequent retraction of the news on the price, many now assume that the cryptocurrency will swiftly rise after the approval of such a fund by the SEC.
It’s essential to note that approval is almost guaranteed but not expected before January. Furthermore, although a considerable portion of recent regulatory news has been positive, attacks targeting various players in the sector have not ended. Finally, observers worldwide are still approaching cryptocurrencies with caution regarding their impact on climate change, as highlighted in a United Nations report. Considering all these factors, regulatory news is a significant factor in November and could quickly drive BTC’s price either up or down.
Current Status of Bitcoin Price
Regardless of the events November brings, the current price of Bitcoin at the time of publication is $34,650, which is a 1.24% decrease in the last 24 hours. Despite this recent movement, it has shown a 24.48% increase in the previous month and a total increase of 109% since the beginning of the year.
Bitcoin’s market capitalization is currently $680 billion, doubling since January 1, 2023. While nothing is guaranteed, many experts believe that BTC is poised for a significant rally before and after the halving event.
