Euphoria

Bitcoin

<p>The Bitcoin price has risen as high as $38,012 (on Binance), recording a marginally higher high. Here are the main reasons for the latest surge in BTC price.</p> 
<h2 id="1-euphoria-over-potential-etf-approvals">#1 Euphoria Over Potential ETF Approvals</h2> 
<p>The crypto market has been electrified by the possibility of the US Securities and Exchange Commission (SEC) approving several spot Bitcoin ETFs. With the approval window having opened on November 9 until Friday (November 17), experts like James Seyffart and Eric Balchunas from Bloomberg estimate a 90% chance of approval for multiple filings by January 10, 2024, the final deadline for Ark Invest’s filing.</p> 
<p>Remarkably, the SEC is facing a significant deadline cluster, with three applications for spot ETFs from Franklin Templeton and Hashdex (due November 17), and GlobalX (due November 21) awaiting decisions. Amidst this tense backdrop, Hashdex emerged as the first to encounter a delay, as the SEC <a href="https://twitter.com/JSeyff/status/1724858905744867568" target="_blank" rel="noopener nofollow">postponed</a> their decision on the conversion from a futures ETF to an ETF that holds both futures and spot.</p> 
<p>This news momentarily jolted the market, resulting in a sharp but brief decline in BTC’s price, which plummeted from $37,400 to $36,780 in a swift five-minute span. However, the market’s resilience was quickly demonstrated as Bitcoin not only recovered but exceeded its pre-announcement price within 25 minutes.</p> 
<h2 id="2-unprecedented-institutional-interest-in-bitcoin">#2 Unprecedented Institutional Interest In Bitcoin</h2> 
<p>Institutional demand for Bitcoin has reached new heights, particularly through exchange-traded products (ETPs). The recent BlackRock Bitcoin spot ETF filing significantly contributed to this surge. “The Assets Under Management via ETPs have increased by 27,095 BTC, bringing the total to a record 204,170 BTC, equivalent to roughly 7.4 billion dollars,” <a href="https://twitter.com/K33Research/status/1724441462593421681" target="_blank" rel="noopener nofollow">reports</a> K33 research. This trend indicates a growing institutional embrace of Bitcoin as a viable investment asset.</p> 
<img loading="lazy" decoding="async" class="wp-image-560935 size-full" src="https://www.newsbtc.com/wp-content/uploads/2023/11/F-5wIpmWIAA9sAf.png?resize=2421%2C973" alt="Bitcoin ETP demand" width="2421" height="973" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/F-5wIpmWIAA9sAf.png?resize=2421%2C973?w=2421 2421w, https://www.newsbtc.com/wp-content/uploads/2023/11/F-5wIpmWIAA9sAf.png?resize=2421%2C973?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/F-5wIpmWIAA9sAf.png?resize=2421%2C973?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/F-5wIpmWIAA9sAf.png?resize=2421%2C973?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/F-5wIpmWIAA9sAf.png?resize=2421%2C973?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/F-5wIpmWIAA9sAf.png?resize=2421%2C973?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2023/11/F-5wIpmWIAA9sAf.png?resize=2421%2C973?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/F-5wIpmWIAA9sAf.png?resize=2421%2C973?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
<h2 id="3-supply-and-demand-dynamics">#3 Supply And Demand Dynamics</h2> 
<p>Data from LookIntoBitcoin <a href="https://twitter.com/Lookintobtc/status/1724641449487061070" target="_blank" rel="noopener nofollow">highlights</a> a remarkable trend: over 70% of Bitcoin has not been moved for at least one year. “This is a historic moment that underscores the strength of Bitcoin’s tokenomics,” the data provider shared. They further elaborated, “As long as this HODL Wave continues to climb, it suggests a bullish market outlook with long-term investors showing no signs of selling their holdings. This is particularly significant considering the upcoming Bitcoin Halving event and the growing institutional interest.”</p> 
<img loading="lazy" decoding="async" class="wp-image-560936 size-full" src="https://www.newsbtc.com/wp-content/uploads/2023/11/F-8kHyfWQAAP-tv.jpg?resize=1291%2C867" alt="Bitcoin 1+ Year HODL Wave" width="1291" height="867" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/F-8kHyfWQAAP-tv.jpg?resize=1291%2C867?w=1291 1291w, https://www.newsbtc.com/wp-content/uploads/2023/11/F-8kHyfWQAAP-tv.jpg?resize=1291%2C867?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/F-8kHyfWQAAP-tv.jpg?resize=1291%2C867?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/F-8kHyfWQAAP-tv.jpg?resize=1291%2C867?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/F-8kHyfWQAAP-tv.jpg?resize=1291%2C867?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/F-8kHyfWQAAP-tv.jpg?resize=1291%2C867?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
<h2 id="4-liquidity-injections-by-the-fed">#4 Liquidity Injections By The Fed</h2> 
<p>Arthur Hayes, co-founder of BitMEX, <a href="https://twitter.com/CryptoHayes/status/1724939480485052660" target="_blank" rel="noopener nofollow">commented</a> on the significant liquidity being injected into the market and its impact on cryptocurrencies. “Keep your eye on the prize. Almost $200 billion in liquidity has been added since November’s start, impacting assets like Bitcoin. This indicates a potential ongoing rise for cryptocurrencies,” Hayes stated. He emphasizes the importance of understanding the RRP and TGA dynamics in predicting market movements.</p> 
<h2 id="5-inverse-correlation-with-the-dxy">#5 Inverse Correlation With The DXY</h2> 
<p>The inverse correlation between Bitcoin and the U.S. Dollar Index (DXY) has been a notable factor in Bitcoin’s recent price increase. As the DXY faced resistance and began to fall, Bitcoin’s value conversely increased. Crypto analyst Josh <a href="https://twitter.com/CryptoWorldJosh/status/1724967521923764441" target="_blank" rel="noopener nofollow">stated</a>, “Bitcoin PUMPS while the DXY DUMPS!”</p> 
<img loading="lazy" decoding="async" class="wp-image-560940 size-full" src="https://www.newsbtc.com/wp-content/uploads/2023/11/F_BPu56aEAATrcB.jpg?resize=2079%2C1316" alt="Bitcoin vs DXY" width="2079" height="1316" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/F_BPu56aEAATrcB.jpg?resize=2079%2C1316?w=2079 2079w, https://www.newsbtc.com/wp-content/uploads/2023/11/F_BPu56aEAATrcB.jpg?resize=2079%2C1316?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/F_BPu56aEAATrcB.jpg?resize=2079%2C1316?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/F_BPu56aEAATrcB.jpg?resize=2079%2C1316?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/F_BPu56aEAATrcB.jpg?resize=2079%2C1316?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/F_BPu56aEAATrcB.jpg?resize=2079%2C1316?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2023/11/F_BPu56aEAATrcB.jpg?resize=2079%2C1316?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/F_BPu56aEAATrcB.jpg?resize=2079%2C1316?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
<p>At press time, BTC traded at $37,467 after failing to break out of the ascending trend channel.</p> 
<img loading="lazy" decoding="async" class="wp-image-560945 size-full" src="https://www.newsbtc.com/wp-content/uploads/2023/11/BTCUSD_2023-11-16_09-07-33.png?resize=3628%2C1673" alt="Bitcoin price" width="3628" height="1673" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/BTCUSD_2023-11-16_09-07-33.png?resize=3628%2C1673?w=3628 3628w, https://www.newsbtc.com/wp-content/uploads/2023/11/BTCUSD_2023-11-16_09-07-33.png?resize=3628%2C1673?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/BTCUSD_2023-11-16_09-07-33.png?resize=3628%2C1673?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/BTCUSD_2023-11-16_09-07-33.png?resize=3628%2C1673?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/BTCUSD_2023-11-16_09-07-33.png?resize=3628%2C1673?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/BTCUSD_2023-11-16_09-07-33.png?resize=3628%2C1673?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2023/11/BTCUSD_2023-11-16_09-07-33.png?resize=3628%2C1673?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/BTCUSD_2023-11-16_09-07-33.png?resize=3628%2C1673?w=1140 1140w, https://www.newsbtc.com/wp-content/uploads/2023/11/BTCUSD_2023-11-16_09-07-33.png?resize=3628%2C1673?w=3000 3000w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1">

Bitcoin Price Soars To $38,000: 5 Major Reasons

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