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Why Is The Crypto Market Up Today? BTC Sits Above $37k

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  • Crypto markets are up today following the negative weekend effect.
  • The surge is largely attributed to Pro-bitcoins advocate Javier Milei winning Argentina’s elections.

As of today, the crypto market is witnessing a notable surge, with Bitcoin (BTC) holding a position above $37,000. Why is that? Well, there are a number of reasons for the current market win. This follows the negative weekend effect. Historically, weekends have a reputation for wiping out weekly gains in the crypto market. That is true for Bitcoin and altcoins.

BTC Price Chart | Source: Coinstats

 

Crypto Markets Recover After The Weekend Effect

On Monday, November 20, crypto prices have been trending upward as investors appear to have recovered trust in the sector. The market has been on a positive streak recently, owing to anticipation and speculation over the introduction of a Bitcoin Spot ETF.

However, as traders remained cautious, the market reversed its upward trend last week, wiping off some of its previous gains. Meanwhile, BlackRock filed the Spot Ethereum ETF last week, but the SEC appears to be delaying its judgment on all ETFs in the US, causing market fears.

Over the last 12 hours, crypto markets have gained 2.3%. This has increased the entire crypto market worth to $1.45 trillion during Monday morning trade in Asia. BTC has gained a similar percentage to reach $37,135 at the time of writing. It spent the majority of the weekend hanging around $36,500.

Also, the Ethereum price rose 1.96% to $2,003.62, but trading volume declined 5.46% to $7.73 billion in the preceding 24 hours. Simultaneously, the XRP price increased by 1.29% to $0.6179, while the one-day trading volume increased by 21.75% to $1 billion.

At this time, the Solana price increased by 3% to $59.45, while the Cardano price increased by 1.98% to $0.3846. The former’s one-day trading volume increased 11.47% to $2.04 billion, while the latter’s dropped 21.86% to $282.61 million.

Concerning the meme coin section, Dogecoin‘s price grew by 2.1% to $0.08078, but its volume decreased by 55.99% to $541.48 million. Furthermore, the Shiba Inu price increased by 2.13% to $0.000008515, but the volume decreased by 28.54% to $107.61 million.

The surge of Bitcoin has been tied to the outcome of Argentina’s elections, as noted by Michael Saylor. Argentina’s persistent inflation crisis has been a notable concern in the South American country, with the Argentine peso seeing annual inflation rates topping 140% in the previous 12 months. 

Many crypto supporters have also advocated for Argentina to use Bitcoin as an inflationary hedge. As a result, some of the most prominent Bitcoin supporters are also rejoicing over Milei’s victory.

Events Crypto Investors Should Look Out For This Week

On November 20, the macroeconomics publication The Kobeissi Letter published a list of this week’s significant economic happenings in the United States. Notably, investors will be eagerly following the FOMC minutes, which are set to be released on Tuesday, November 21. 

This is a crucial event this week since it will provide insight into the present economic health and the Fed’s probable move with its rate rise intentions in the coming days. The Fed minutes are likely to emphasize central bank policy for the rest of the year.

Read Also: Is Michael Saylor The Ultimate Bitcoin Spokesperson?

The US leading economic indicators report will be released on Monday, and it is likely to be unchanged from the previous month.

The key message from the most recent Fed policy meeting was how dovish Chairman Jerome Powell was. Analysts and markets are hoping for more dovishness this week, but the Fed may reverse some of it.

Furthermore, recent statistics imply that economic activity rose steadily in the third quarter, and last week’s inflation report was good. However, the Fed is prepared to tighten policy even further if necessary, and another rate hike could be on the horizon.

There may be some short-term market volatility on the day, but no significant impact is anticipated. In addition, Nvidia’s earnings report is set to be issued on Tuesday. 

Initial unemployment claims are projected to fall on Wednesday. Durable goods orders are likely to fall 3.5% in October as well.

Markets in the United States are closed on Thursday for Thanksgiving but will return for half a day on Friday. S&P Flash US services and manufacturing PMI statistics will be announced on Friday. They have both been hovering around the 50 level for the previous few months, showing no signs of expansion or contraction.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.





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Cryptocurrency Market Update: Bitcoin Slips Below $70,000 Amidst High Liquidation

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In a swift turn of events, Bitcoin (BTC), the pioneering cryptocurrency, dropped below the $70,000 threshold early on Wednesday following a wave of investor sell-offs. Just a day prior, Bitcoin had crossed the $71,000 mark, but market sentiment swiftly shifted, dragging other major altcoins—including Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC)—into the red zone.

According to CoinMarketCap data, the overall Market Fear & Greed Index stood at 75 (Greed) out of 100, indicating a mix of optimism and apprehension among traders. Notably, the Bittensor (TAO) token emerged as the top gainer with a remarkable 24-hour surge of over 7 percent, while dogwifhat (WIF) experienced the largest loss, plummeting nearly 16 percent.

Bitcoin (BTC) Price Update Bitcoin’s price tumbled to $69,089.01, marking a 24-hour dip of 3.05 percent, as reported by CoinMarketCap. On the Indian exchange WazirX, BTC was priced at Rs 60.93 lakh.

Other Major Cryptocurrencies Ethereum (ETH) saw a 24-hour loss of 4.81 percent, trading at $3,508.86, while Dogecoin (DOGE) registered a dip of 5.59 percent, currently priced at $0.1879. Litecoin (LTC) and Ripple (XRP) also experienced losses, with Solana (SOL) marking a 24-hour loss of 3.44 percent.

Top Gainers and Losers Bittensor (TAO) led the pack of gainers with a 7.30 percent surge, while dogwifhat (WIF) suffered the most significant loss, dropping by 15.58 percent.

Market Analysis and Expert Insights Experts weighed in on the market scenario, attributing Bitcoin’s downturn to heightened liquidations and cautious sentiment ahead of the upcoming US CPI data release. While Bitcoin’s immediate support rests at $67,700, resistance is expected at $70,400. Ethereum proponents face challenges amid hopes for an ETF approval, with the SEC providing limited updates on the matter.

Final Thoughts The cryptocurrency market remains highly dynamic, with prices fluctuating rapidly and investor sentiment playing a pivotal role. As the market navigates through volatility, it’s essential for investors to stay informed, exercise caution, and seek expert advice before making any investment decisions.

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Cryptocurrency: A Scapegoat for Foreign Policy Failures?

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Cryptocurrency has once again found itself at the center of a heated debate, this time regarding its alleged role in facilitating illicit activities and circumventing sanctions imposed by the United States. The Biden administration, in particular, has come under scrutiny for its handling of the issue, with some accusing it of using digital assets as a convenient scapegoat for broader foreign policy shortcomings.

In a recent hearing before the Senate Banking Committee, Deputy Treasury Secretary Wally Adeyemo raised concerns about the misuse of cryptocurrencies by foreign adversaries such as Iran, Russia, North Korea, and militant groups like Hamas. Adeyemo’s remarks underscored a growing unease within the U.S. government regarding the potential national security implications of unregulated digital currencies.

However, voices from within the cryptocurrency industry and Congress have pushed back against the administration’s narrative. Faryar Shirzad, Chief Policy Officer at Coinbase, one of the leading cryptocurrency exchanges, pointed out that the prevalence of illicit activity in the crypto space is relatively low compared to traditional finance. Instead of demonizing cryptocurrencies, Shirzad argued, the focus should be on targeting bad actors operating offshore.

Senator Tim Scott, the ranking Republican on the Senate Banking Committee, echoed these sentiments, accusing the Biden administration of using digital assets as a distraction from its failure to effectively combat financial flows to sanctioned entities. Scott’s criticism reflects broader skepticism among some lawmakers about the government’s approach to regulating cryptocurrencies.

One area of potential agreement between the Biden administration and the cryptocurrency industry is the need for clearer regulations governing stablecoins, a type of digital asset pegged to a fiat currency like the U.S. dollar. Both sides recognize the importance of addressing the potential risks associated with stablecoin issuance and usage, particularly in the context of national security and financial stability.

The debate over stablecoins has intensified following reports of their alleged role in facilitating illicit transactions, including those linked to Russia’s war effort in Ukraine. The Treasury Department has called for increased oversight of stablecoin issuers and transactions, while also advocating for legislation that would subject them to stricter regulatory standards.

Despite the contentious nature of the discussion, there are signs of bipartisan cooperation on certain aspects of cryptocurrency regulation. A bipartisan bill addressing stablecoin regulation passed the House Financial Services Committee last year, signaling a potential path forward for legislative action in this area.

As the debate over cryptocurrency regulation continues to unfold, it is clear that finding the right balance between innovation and security will be paramount. While concerns about illicit activity and national security must be addressed, policymakers must also recognize the potential benefits of cryptocurrencies in fostering financial inclusion and technological advancement.

Ultimately, the resolution of these issues will require thoughtful collaboration between government officials, industry stakeholders, and lawmakers to develop a regulatory framework that promotes innovation while safeguarding against misuse. Only through constructive dialogue and cooperation can we ensure that cryptocurrencies fulfill their potential as a force for positive change in the global economy.

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Bitcoin Resurgence: Why Wall Street Is Embracing the Crypto Revolution

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Andrew Pratt of Wiser Wealth Management in Marietta, Ga., finds little resistance as he proposes Bitcoin investments to his firm’s committee. With Bitcoin surging 140% in the past year and backed by giants like BlackRock, skepticism has waned. Pratt sees the potential to allocate a modest 1% of client portfolios to Bitcoin, acknowledging the limited downside risk compared to potential gains.

The debate over Bitcoin’s intrinsic value seems to have lost its relevance amidst its soaring market performance. Once dismissed, Bitcoin now boasts a market value of $1.3 trillion, driving the total crypto market to $2.5 trillion. Wall Street, once wary, now views cryptocurrency as an opportunity for profit rather than a speculative venture.

Despite lingering doubts about Bitcoin’s utility beyond speculation, Wall Street executives are increasingly supportive. BlackRock’s CEO, Larry Fink, notably reversed his stance, endorsing Bitcoin’s long-term prospects and championing the iShares Bitcoin Trust, now one of the largest Bitcoin ETFs with nearly $18 billion in assets.

While skepticism persists about Bitcoin’s status as a real asset or currency, its growing acceptance on Wall Street underscores the evolving landscape of finance. As institutions embrace cryptocurrencies, Bitcoin’s journey from pariah to portfolio asset highlights the transformative power of digital assets in reshaping traditional investment strategies.

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