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Peter Davis

An writer at FOMOdrive

  • Nov 25, 2023
  • 2 min read

Bitcoin soared above $38,000 - what's going on?

On Friday, Bitcoin surpassed its yearly high of $38,400.

It is anticipated that there will be a rapid increase in the amount to $40,000.

The amount of selling pressure from miners is the least it has been since 2017.

It is estimated that a Bitcoin ETF could bring in up to $70 billion to the cryptocurrency market.

Last week was a tumultuous one for the crypto industry, with the US authorities launching a crackdown on major exchanges. Binance was hit with a hefty fine of almost $4.4 billion, while Kraken is facing a lawsuit. Despite this, investors have been taking advantage of the drawdowns to buy up crypto.

According to Michael van de Poppe, founder of MN Trading, the next frontier for digital gold will be $40,000, as indicated by a slow move up to a new resistance point and a breakout of $38,000.

Matrixport predicts that there is a 90% chance that the Bitcoin rate will reach $40,000 in December following an agreement between Binance management and the American authorities.

According to CryptoQuant data, the amount of selling pressure from miners is the lowest it has been since 2017. Additionally, 82% of Bitcoin holders are in the green, with only 15% experiencing losses.

It is predicted that if the US grants approval for Bitcoin ETFs, up to $70 billion of new capital could be drawn into BTC. This forecast is based on the idea that 10% of the funds currently invested in major stock and bond ETFs will be transferred to Bitcoin ETFs.

Sibur, a petrochemical company, has reportedly invested 5 billion rubles in digital financial assets on the Lighthouse platform, according to Vedomosti, citing company representatives.

The Russian Ministry of Energy is getting ready to significantly raise tariffs for mining centers located in the southeast of Siberia, which have been a contributing factor to the local energy shortages. This is due to the influx of crypto farms after the ban on mining in China and the implementation of stringent regulations in Kazakhstan, making it impossible to connect industrial, social, and utility facilities.

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