November was a successful month for Bitcoin, despite some volatility. The price of Bitcoin is the strongest reduction since the US election, it lost 8.64% of its value during the week to $90,911, but then quickly recovered and ended the month at table price 96,506 dollars. Bitcoin grew by an impressive 37.3% in November, making it the second best month of growth so far in 2024.
This positive result shows that Bitcoin has a very good growth and promises to continue growing in December History shows that December is often a volatile month for Bitcoin, but in years halfBitcoin again average growth changed so far -38.86% compared to yesterday. Given the current bull market situation, we believe that Bitcoin will continue to rise, although there may be short-term fluctuations. Short term reductions can happen as ETFs sell and long-term investors reap profits. Last week, ETFs sold a net $135.1 million in Bitcoin, especially in the first two trading days. Since September, long-term investors have sold 508,990 Bitcoin, increasing the supply in the market. Although this is still lower than the 934,000 Bitcoins sold before Bitcoin peaked in March 2024, this selling pressure is still need Demand from ETFs and new buyers must be large enough to avoid a fall in the price of Bitcoin.
One notable point is that the amount of Bitcoin held by short-term investors is close to the maximum highest in the round It is 3,282,000 BTC. History shows that the final stage of a bull market usually begins when the amount of Bitcoin held by short-term investors crosses the high of the cycle before. This presentations more participation of retail investors, but it also shows that the market needs new demand to include the sale of Bitcoin from long-term investors.
Currently, Bitcoin is in a consolidation phase, which is necessary for the market to include the sale of Bitcoin and readjust demand. With ETF inflows returning and increasing interest from retail investors, we believe Bitcoin will quickly oversteps the mark 100,000 US dollars.
The US economy is also showing up revival by the end of 2024, thanks to growing consumer spending, a stable labor market and controlled inflation expectations. However, there are still some challenges. In October, consumer spending increase 0.4% with income rising 0.6%, while inflation a small increase. Business investment showed mixed signals, durable goods orders increased slightly and GDP growth increased stable changed so far +2.8% compared to yesterday.
Consumer confidence in November reached its highest level in 16 monthsdue to optimism in the labor market and inflation expectations falling to 4.9%. But, There are still concerns about inflation due to the policies of the new administration. However, strong consumer activity and a stable labor market are expected to help the US economy continue to grow through the end of the year.
Last week, there were some notable news in the cryptocurrency sector. Hong Kong's push for innovation in digital finance, Celsius Network's attempt to resolve bankruptcy, and regulatory changes in Russia were top news in the crypto sector last week, among stablecoins also strengthening his position. Hong Kong Monetary Authority debuted Digital Bond Subsidy Program, providing subsidies of up to HK$2.5 million per issuance to promote tokenized bonds, strengthening Hong Kong's position as a leading virtual asset center. Meanwhile, Celsius Network did a second payment of $127 million to creditors, speeding up the bankruptcy process. At the same time, the company's former CEO is facing legal challenges, underscoring the complexity of corporate accountability in the sector.
In Russia, the new law recognizes cryptocurrencies as property and exempts cryptocurrency mining from VAT marks an important step forward in regulatory clarification, which aims to balance digital asset market growth with structured fees and compliance. At the same time, the stablecoin market has reached the highest level of capitalism $190 billion, with USDt from Tether accounting for 70% of the total capitalization. Driven by the efficiency of cross-border payments and acceptance by traditional financial companies such as Stripe and PayPal, stable is consolidating its role in mainstream finance. These developments highlight the interplay between innovation, regulation and market dynamics that will shape the digital currency industry.
And that's the summary news from Bitfinex Alpha 133. Wishing you a good trading week!
Don't forget to follow the Vietnam Bitfinex community at Telegram, Twitter & Facebook to update articles, information & events as soon as possible!
The post Bitfinex Alpha | Bitcoin will surpass $100,000 if short-term demand catches up with long-term supply appeared first Bitfinex blog.
Source link
