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Peter Davis

An writer at FOMOdrive

  • Nov 14, 2023
  • 4 min read

Bitcoin suddenly crashed below $35,000 - what's happening?

US inflation data was not capitalized on by Bitcoin.

Bitfinex has not ruled out the possibility of a drop to $30,000, with any potential growth only beginning from the start of the new year.

Rumors that BlackRock is filing to launch a spot ETF on XRP have been denied by the company.

Coinbase anticipates that Bitcoin ETFs will open up the crypto market to a new type of asset.

The Chicago Board Options Exchange (CBOE) is set to introduce margined futures contracts for both Bitcoin and Ethereum.

On Tuesday, Bitcoin experienced a sharp decline, dropping by $1,800 and falling below $35,000 for the first time in a week. This is the largest decrease in the past 2.5 months, amounting to more than 3%. Despite the increase in stock indices and the significant decrease in the value of the dollar, crypto traders continued to close their long positions, taking profits.

Bitfinex does not exclude the possibility that Bitcoin could drop to $31,000 or even $30,000 as a result of short-term traders selling off. However, the bear market is expected to end in December, with a strong surge in BTC prices beginning in January-February.

Anthony Pompliano, the founder of Morgan Creek, has expressed his opinion that the SEC should approve all applications to launch spot Bitcoin ETFs simultaneously in order to prevent any favoritism. He believes that this will lead to an influx of capital into the cryptocurrency market, thus creating a bullish trend.

According to Coinbase, the approval of a Bitcoin ETF could have much more far-reaching effects than just bringing in new capital to the crypto market. It could open up the crypto market to a new group of investors, such as investment advisors, pension funds, and institutions that have not had access to the crypto market before.

On January 11, 2024, the Chicago Board Options Exchange (CBOE) will introduce margined futures for Bitcoin and Ethereum. These contracts will enable customers to trade with less capital than if they were to do so without leverage, thus providing greater capital efficiency.

The Blockchain Association, a human rights organization, has urged the US government to alter the definition of "broker" to include both traditional brokers and crypto firms, or else the DeFi industry will be unable to progress in the US.

Rumors that BlackRock, the investment giant, is filing to launch a spot ETF on XRP have been denied.

Boyaa Interactive, the largest manufacturer of board and card games in China, has announced plans to invest $100 million in cryptocurrencies over the course of the next 12 months.

The Grok token, named after Elon Musk's chatbot, experienced an incredible 13,000% growth in just one week after its launch. This resulted in a market capitalization of $160 million.

CCData reports that the Solana (SOL) token has experienced the most significant growth among major cryptocurrencies in recent weeks, with its share of total trading volume in the digital asset market reaching a record 8.85%.

In the last month, Bonk Token (BONK) - the main memecoin of the Solana ecosystem - has experienced an impressive 850% growth, far surpassing the capitalization of other popular memcoins such as DogeCoin, Pepe and Shiba.

In October, the Russian users topped the list of visits to the crypto exchanges Bybit, HTX and Deribit. On Bybit and HTX, the Russian Federation had a 17% share of the total visits, while Deribit had 16%. Binance's Russian clients accounted for 5% of the traffic.

Despite the bans that large crypto exchanges have imposed on cards of sanctioned Russian banks, Forbes reports that Russians are still actively using them in P2P (peer-to-peer) transactions.

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