Bitcoin’s price has been on a tear in recent weeks, surpassing a record high of $90,000 just over a week after the US presidential election. Market analysts are now predicting that Bitcoin’s price could fast-track to $100,000 before the end of November.
Historical Chart Patterns and Growing Investor Demand
According to Ryan Lee, chief analyst at Bitget Research, November is historically known as the best month for Bitcoin’s returns. With growing investor demand since the US elections, analysts believe that a 14.7% increase from the current price level will push the coin well above the $100,000 target for the month.
US Presidential Election and Crypto-Friendly Chair
The US presidential election has had a significant impact on the cryptocurrency market, with President-elect Donald Trump’s transition team considering a crypto-friendly chair for the Commodity Futures Trading Commission (CFTC). Summer Mersinger, a Republican CFTC commissioner who has urged the regulator to take a more accommodating stance on crypto, is among those under consideration to chair the agency.
Growing Confidence in Crypto
The growing confidence in Bitcoin and the broader cryptocurrency market has led most institutional investors to plan increased long-term allocations in crypto. According to Swiss crypto bank Sygnum’s annual Future Finance survey, there is a stronger appetite for crypto assets among institutional investors.
Sygnum Bank’s Chief Clients Officer on Institutional Adoption
Martin Burgherr, Sygnum Bank’s chief clients officer, noted that more explicit regulations globally are aiding the positive market sentiment among institutional investors. He added that "the approval and the subsequent launch of the US Bitcoin Spot ETFs has the potential to accelerate the institutional adoption of digital assets."
Conflux Foundation Commits $500 Million to Fuel PayFi Web3 Payments Solution
The Conflux Foundation plans to invest $500 million to support the growth of PayFi, a Web3 payments solution. The investment will come from its ecosystem fund and will go toward developing PayFi, a blockchain-based payments platform that aims to bring traditional finance services to the blockchain.
Snowden Calls for Decentralization, Criticizes VC Influence on Solana
Edward Snowden, the privacy advocate and former National Security Agency (NSA) contractor, addressed decentralization during his appearance at Near’s Redacted conference in Bangkok. He described Solana as "born in prison" due to its heavy VC funding, suggesting that financial backing can impede a blockchain network’s ability to operate independently.
DeFi Market Overview
According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the green. Of the top 100, memecoins took the lead, with Peanut the Squirrel (PNUT) up over 1,600% as the week’s biggest gainer.
Total Value Locked in DeFi
The total value locked in DeFi has been steadily increasing over the past few weeks. According to DefiLlama, the total value locked in DeFi stands at $130 billion.
Conclusion
As the cryptocurrency market continues to grow and evolve, it is essential to stay informed about the latest developments. Market analysts predict that Bitcoin’s price could breach $100,000 before the end of November, while growing confidence in crypto has led most institutional investors to plan increased long-term allocations in crypto. The Conflux Foundation has committed $500 million to fuel PayFi Web3 payments solution, and Snowden calls for decentralization, criticizing VC influence on Solana.
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Stay up-to-date with the latest DeFi developments, sharp analysis, and new financial opportunities by subscribing to our weekly newsletter. Delivered every Friday, our newsletter is a must-read for anyone interested in the dynamic world of DeFi.
Market Analysts Predict Bitcoin’s Price to Breach $100,000 Before End of November
Bitcoin’s price has been on a tear in recent weeks, surpassing a record high of $90,000 just over a week after the US presidential election. Market analysts are now predicting that Bitcoin’s price could fast-track to $100,000 before the end of November.
Historical Chart Patterns and Growing Investor Demand
According to Ryan Lee, chief analyst at Bitget Research, November is historically known as the best month for Bitcoin’s returns. With growing investor demand since the US elections, analysts believe that a 14.7% increase from the current price level will push the coin well above the $100,000 target for the month.
US Presidential Election and Crypto-Friendly Chair
The US presidential election has had a significant impact on the cryptocurrency market, with President-elect Donald Trump’s transition team considering a crypto-friendly chair for the Commodity Futures Trading Commission (CFTC). Summer Mersinger, a Republican CFTC commissioner who has urged the regulator to take a more accommodating stance on crypto, is among those under consideration to chair the agency.
Growing Confidence in Crypto
The growing confidence in Bitcoin and the broader cryptocurrency market has led most institutional investors to plan increased long-term allocations in crypto. According to Swiss crypto bank Sygnum’s annual Future Finance survey, there is a stronger appetite for crypto assets among institutional investors.
Sygnum Bank’s Chief Clients Officer on Institutional Adoption
Martin Burgherr, Sygnum Bank’s chief clients officer, noted that more explicit regulations globally are aiding the positive market sentiment among institutional investors. He added that "the approval and the subsequent launch of the US Bitcoin Spot ETFs has the potential to accelerate the institutional adoption of digital assets."
Conflux Foundation Commits $500 Million to Fuel PayFi Web3 Payments Solution
The Conflux Foundation plans to invest $500 million to support the growth of PayFi, a Web3 payments solution. The investment will come from its ecosystem fund and will go toward developing PayFi, a blockchain-based payments platform that aims to bring traditional finance services to the blockchain.
Snowden Calls for Decentralization, Criticizes VC Influence on Solana
Edward Snowden, the privacy advocate and former National Security Agency (NSA) contractor, addressed decentralization during his appearance at Near’s Redacted conference in Bangkok. He described Solana as "born in prison" due to its heavy VC funding, suggesting that financial backing can impede a blockchain network’s ability to operate independently.
DeFi Market Overview
According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the green. Of the top 100, memecoins took the lead, with Peanut the Squirrel (PNUT) up over 1,600% as the week’s biggest gainer.
Total Value Locked in DeFi
The total value locked in DeFi has been steadily increasing over the past few weeks. According to DefiLlama, the total value locked in DeFi stands at $130 billion.
Conclusion
As the cryptocurrency market continues to grow and evolve, it is essential to stay informed about the latest developments. Market analysts predict that Bitcoin’s price could breach $100,000 before the end of November, while growing confidence in crypto has led most institutional investors to plan increased long-term allocations in crypto. The Conflux Foundation has committed $500 million to fuel PayFi Web3 payments solution, and Snowden calls for decentralization, criticizing VC influence on Solana.
Subscribe to the Finance Redefined Newsletter
Stay up-to-date with the latest DeFi developments, sharp analysis, and new financial opportunities by subscribing to our weekly newsletter. Delivered every Friday, our newsletter is a must-read for anyone interested in the dynamic world of DeFi.
