Cryptocurrency

Terra Classic

Bank AI

Bitcoin

<div class="finbold">
 <p class="paragraph">Late in October, Bitcoin (BTC) finally ended its lengthy period of stagnation and decisively broke above $30,000 even managing to find itself over $35,000 on several occasions in the previous 7 days. It has, however, so far failed to continue its surge and is trading just below $35,000 at the time of publication.</p>
 <div></div>
 <p class="paragraph">Despite Bitcoin’s current refusal to make a strong movement – either upward or downward – there has been a lot of action pertaining to the world’s foremost cryptocurrency and plenty of reasons why November may prove to be a very significant month alongside ‘Uptober’.</p>
 <h2 class="wp-block-heading" id="h-watch-out-for-sudden-movements">Watch out for sudden movements</h2>
 <p class="paragraph">While BTC has mostly been maintaining a stable price in the first full week of November, many believe that we are witnessing an accumulation phase before the next breakout.&nbsp;</p>
 <p class="paragraph">The rally in late October refocused the public eye on the world’s largest cryptocurrency and reignited enthusiasm for the broader market – and the behind-the-scenes data corroborates this trend.</p>
 <div class="not-prose relative overflow-auto scrollbar-hide mb-8 mt-8">
  <div class="relative w-full flex gap-6 snap-x snap-mandatory overflow-x-auto">
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/11/07/c375113661ed9a757d7b27a8f7974567.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="top-10-cryptocurrencies-by-github-development-activity-last-30-days">Top 10 cryptocurrencies by GitHub development activity last 30 days</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/11/07/b187b6b1433266bb372d4504782e3bc1.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="oasys-partners-with-singularity-to-enable-cross-chain-payments-within-its-ecosystem">Oasys partners with Singularity to enable cross-chain payments within its ecosystem</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/11/07/52a5aa4632ebf2f7a4b573f20a63f323.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Banking 
       <h3 class="font-bold leading-6 " id="germany-s-third-largest-bank-launches-crypto-custody-platform">Germany’s third-largest bank launches crypto custody platform</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/11/06/df8e378f6d3cb04d55c7510865d908f1.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="machine-learning-algorithm-sets-terra-classic-price-for-november-30-2023">Machine learning algorithm sets Terra Classic price for November 30, 2023</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/11/07/75ff17c1203ae4ac9282ea9a1f2e63f0.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="bitcoin-jesus-roger-ver-sues-matrixport-for-freezing-8-million-in-crypto">'Bitcoin Jesus' Roger Ver sues Matrixport for freezing $8 million in crypto</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
  </div>
 </div>
 <div class="mb-4 bg-slate-50 rounded-md layout-adjustment">
  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;">
  </div>
 </div>
 <p class="paragraph">November 4 was a particularly big day in this regard since as many as 700,000 new addresses joined the network within 24 hours. With so many eyes fixed on Bitcoin, its price is likely to quickly escalate as soon as it decisively breaches one of the key psychological levels – either bullish or bearish.</p>
 <p class="paragraph">Indeed, while there are widespread expectations that BTC has definitely entered into a rally – possibly even the pre-halving rally – some analysts are still cautioning that a major price correction might be on its way.</p>
 <p class="paragraph">Still, others have outright dismissed such a possibility and believe that as long as the maiden cryptocurrency manages to decisively break above $35,000 it will enter a rally that may see it soar as high as $50-60,000 by the year’s end.</p>
 <h2 class="wp-block-heading" id="h-adoption-in-high-places">Adoption in high places</h2>
 <p class="paragraph">There has been significant institutional interest in Bitcoin throughout 2023 – even during the stagnant months. In the USA, for example, the CEO of BNY Mellon described blockchain technology as his company’s longest-term play already in January.</p>
 <p class="paragraph">Germany has, despite its strict regulation, also been abuzz with activity. November has, in fact, already brought some major developments as DZ Bank – Germany’s third-largest – recently unveiled the launch of its crypto custody platform for institutional investors. The bank is also committed to offering Bitcoin and other crypto trading to its private customers before the end of 2023.</p>
 <p class="paragraph">DZ Bank is also not the only European institution to have shown a major interest in Bitcoin. Deutsche Bank – a veritable $1.4 trillion giant – also sought the crypto custody license earlier in 2023.</p>
 <p class="paragraph">Finally, interest in Bitcoin in 2023&nbsp; isn’t confined to banks and well-known firms like Tesla (NASDAQ: TSLA) and MicroStrategy (NASDAQ: MSTR) – both of which are committed to their BTC holdings. Both of the candidates for the second round of the Argentinian presidential election scheduled for November 19 are friendly toward cryptocurrency.</p>
 <p class="paragraph">Indeed, Finbold has previously reported that Bitcoin is already a major winner in the country as Sergio Massa is hoping to use excess natural gas from the Vaca Muerta shale formation to fuel a national cryptocurrency mining program. Javier Milei, on the other hand, sees Bitcoin as preferable to central bank-controlled currencies – an especially significant position considering the country’s inflation crisis.</p>
 <h2 class="wp-block-heading" id="h-the-shifting-regulatory-landscape">The shifting regulatory landscape</h2>
 <p class="paragraph">An important factor contributing to the rather subdued performance of the wider cryptocurrency market throughout much of 2023 has been a sustained regulatory offensive – particularly stemming from the Securities and Exchange Commission (SEC).</p>
 <p class="paragraph">Recent months have, however, brought several changes to the dynamic with the regulators suffering several defeats at the hands of the major players in the industry. While SEC’s setbacks in its lawsuit targeting XRP have been particularly talked about and sparked renewed speculation on whether Ripple Labs will go public, the prospects for a spot BTC exchange-traded fund (ETF) have been of particular importance for the world’s largest cryptocurrency.</p>
 <p class="paragraph">Indeed, Bitcoin has had one of its best days in recent memory on October 24 rising 14% after it was reported that BlackRock’s spot Bitcoin ETFs has been listed. Considering the effect the later-retracted news had on the price, many now assume that the cryptocurrency will soar following an actual approval of such a fund by the SEC.</p>
 <p class="paragraph">Still, it is important to note that while an approval is considered almost guaranteed, it isn’t expected before January. Additionally, while much of the regulatory news has been positive recently, the offensive targeting various players in the industry is far from over. As recently as November 1, the SEC filed a lawsuit against SafeMoon and its executives.</p>
 <p class="paragraph">Furthermore, watchdogs from across the world are still cautious toward cryptocurrencies as highlighted by a recent UN report on Bitcoin’s effects on climate change. All in all, regulatory news are an important factor in November and they can easily send the price of BTC shooting up or collapsing.</p>
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2>
 <p class="paragraph">Whatever the comings and goings of November bring, Bitcoin is standing at, at the time of publication, $34,711 meaning it has declined 1.24% over the previous 24 hours. Despite this most recent movement, it is up 24.48% over the previous months and, in total, 109% in the green year-to-date (YTD).</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/L2mfZU91kaiHw2SbxN9hncoDTPEvB-CEIOn4i8hdmi-4bpFpRDI4esdnTFz7RTCZcgt-G-DvC69uBkcj8-CDVm5OjrA-ePCvla90TtuXCzgu4hXgIkdX8N23UqN6tzhrg7g-aywIMYoyLClUN_xW66w" alt>
  <figcaption class="wp-element-caption">
   BTC 1-day price chart. Source: Finbold
  </figcaption>
 </figure>
 <p class="paragraph">Bitcoin’s market cap is currently $680 billion meaning it has doubled since January 1, 2023. Additionally, while nothing is guaranteed, many experts believe that BTC is in for a very significant rally both prior to and after the halving since, as Dave Weisberger of <em>CoinRoutes </em>put it, it has “overwhelmingly positive” macroeconomics.</p>
 <p class="paragraph"><em><strong>Disclaimer</strong>:&nbsp;The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk</em>.</p>
 <p class="paragraph"></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/3-things-to-look-out-for-bitcoin-in-november-tbt69326.html">https://thebittimes.com/3-things-to-look-out-for-bitcoin-in-november-tbt69326.html</a></p>

3 things to look out for Bitcoin in November

Table of Contents

TheBitTimes

Other articles published on Nov 7, 2023

Wintermute claims NEAR backed out of $11M stablecoin redemption deal

Large cap stablecoins depegged 600+ times in 2023: Moody’s

Here Is Everything OpenAI Announced at Its Developer Conference

Kraken Considers Utilizing Polygon for Layer 2 Network Development

Ordinals: Adding Extra Value to Bitcoin with Satoshi

Saylor Believes Bitcoin Is the Solution to Preserve the Capital of 7 Giant Companies!

Join our free newsletter for daily crypto updates!