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Peter Davis

An writer at FOMOdrive

  • Nov 13, 2023
  • 3 min read

Bitcoin fell the most in a month - what's happening?

After experiencing a significant rise in the first ten days of November, Bitcoin is now undergoing a correction.

For the third consecutive week, there has been a significant increase in investments in crypto funds.

The difficulty of Bitcoin mining has reached a record high.

BTC's supply has reached its lowest point in history.

FalconX believes that the cryptocurrency market is entering a new phase.

On Monday, Bitcoin dropped nearly 2%, as investors cashed out their gains. This was the most significant decrease in the last month. Additionally, the two altcoins that had been performing the best, Solana and Cardano, experienced losses of 8.5% and 7.2%, respectively.

The difficulty of Bitcoin mining has increased by 3.55%, reaching a maximum of 64.68 T. The average hashrate since the last change in value has been 479 EH/s.

CoinShares reported that investments in crypto funds rose significantly for the third consecutive week, reaching $293 million. This marks the seventh week of inflows. Bitcoin saw an influx of $240 million, Ethereum increased by $49 million, and Solana saw an increase of $12 million. Funds that allow for shorting Bitcoin, however, decreased by $7 million.

In the past seven weeks, Ethereum has seen its biggest inflows since August 2022, with the last two weeks indicating a significant shift in sentiment. According to CoinShares, total investments in crypto funds during this period have surpassed $1 billion, resulting in a total of $44.3 billion in assets under management (AuM), the highest since the bankruptcy of major crypto funds in May 2022.

The current rally in the digital asset market could be the start of a new bullish trend, according to FalxonX, which is supported by increased interest from institutions and a decrease in the number of sellers, indicating a transition of the cryptocurrency market to a new state.

Glassnode has calculated that the amount of available bitcoins has decreased to its lowest level ever, and the rate of transferring coins into long-term storage is 2.5 times faster than the rate of their emission.

Bitinfocharts reported that the number of addresses with bitcoins valued at $1 million or more tripled in 2023, reaching 81.9 thousand.

A study by the French Financial Markets Authority (AMF) revealed that 9% of adults in France own crypto assets.

WhaleAlert reported that Tether has released USDT stablecoins with a total value of over $4 billion in the last 30 days. In 2023, Tether issued a total of 22 billion USDT, with 13 billion (57%) of them on the Tron blockchain.

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