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Peter Davis

An writer at FOMOdrive

  • Nov 30, 2023
  • 3 min read

What awaits Bitcoin in December?

In November, Bitcoin experienced an increase of more than 9%.

The head of the Securities and Exchange Commission (SEC) discussed the progress of applications for Bitcoin Exchange-Traded Funds (ETFs).

In November, MicroStrategy acquired an extra 16,130 Bitcoin.

It is estimated that FTX could potentially divest up to $744 million worth of crypto assets.

The US Treasury has requested additional authority to address illicit financing through cryptocurrencies.

Gary Gensler, the head of the US Securities and Exchange Commission (SEC), stated that the agency is actively working on multiple applications for Bitcoin ETFs, but he declined to comment on the timing or predict future decisions regarding them. He confirmed that the SEC considers Bitcoin to be a commodity.

Brian Armstrong, CEO of the exchange, stated that over the course of 18 months, the Coinbase team had 30 meetings with SEC representatives, yet they never received a response to their query about whether certain assets were securities.

Michael Novogratz, CEO of Galaxy Digital, believes that the introduction of cryptocurrency ETFs will be a game-changer for the crypto industry, but this will only be possible if there are changes in the upper echelons of the US government.

In November, MicroStrategy made an additional purchase of 16,130 Bitcoin (BTC) at an average cost of $36,785 each. This brought their total BTC reserves to 174,530, with potential profits from the cryptocurrency exceeding $1.3 billion.

The US Treasury Department has requested that legislators give the agency increased authority to battle unlawful financing through cryptocurrencies. Services and mixers related to cryptocurrency can be utilized for this purpose.

The US Treasury has put sanctions on the crypto mixer Sinbad for helping the hacker group Lazarus to launder $850 million.

FTX, a bankrupt cryptocurrency exchange, has been granted approval by a bankruptcy court to sell crypto assets worth $744 million to Grayscale Investments.

Members of the Dogecoin community funded a mission to the moon, which was approved by the US National Telecommunications and Information Administration (NTIA). The mission, known as DOGE-1, will be launched on a SpaceX Falcon 9 rocket.

AntPool, having received a record-breaking commission of $3.1 million for a Bitcoin transaction, has declared its willingness to reimburse it.

A survey conducted by the Ontario Securities Commission revealed that the percentage of Canadians who regretted their investments in cryptocurrencies rose from 68% to 77% over the course of the year. In comparison, the survey from 2022 showed that only 10% of respondents owned digital assets, as opposed to 13% in the previous survey.

In November, the crypto industry experienced its highest monthly losses since the start of the year due to 296 cases of hacking and fraud, amounting to more than $343 million, as reported by Immunefi.

In November, Bitcoin saw a 9.4% increase in value, bringing it up to $37,700. This marked the third consecutive month of growth for the cryptocurrency. Historically, December has been a relatively stable month in terms of market activity.

In the past 12 years, Bitcoin has experienced both gains and losses in a given month. On average, it has seen a 30.8% increase and a 12.8% decrease. If the trend continues, it is likely that BTC will end December at around $49,300 or $32,900.

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