Currently, Bitcoin is moving volatile and back from the recent record high.
For information, the record rise in the prices of cryptocurrencies had a major role in institutional investment.
The approval of an exchange-traded fund linked to Bitcoin futures (ETF) appears to be the main driver.
Although the market calmed down for two weeks after the massive rally, buying pressure returned by the end of the weekend.
Which pushed the bitcoin price back into uncharted territory and a new all-time value above $68,000.
Many are anticipating a further decline, as the market could continue to cool off and bring the bitcoin price back to the critical support areas at $65,000 or $63,000 if the former fails.
In a recent report issued by “Arcane Research” it says: “November 14th may represent an important date for Bitcoin.”
On this date, the US Securities and Exchange Commission (SEC) is expected to issue a ruling on the Bitcoin ETF submitted by VanEck.
Unlike the Bitcoin ETF on the Exchange (CME), a spot investment product can be a greater catalyst for institutional adoption.
Experts claim that the spot market will provide consumers with better trading prices and a more efficient product.
Arcane Research states:
Expectations over the SEC’s decision may be the main reason for bitcoin’s strength in recent days, as traders seek to manage the response, sending bitcoin to an all-time high this week.
Despite the positive outlook, the most likely scenario is a rejection of VanEck’s request.
The head of the SEC appears to be tempted to hold off on all instant Bitcoin ETF proposals, because he believes they will lack consumer protection mechanisms.
Major Bitcoin Price Catalysts:
According to a cryptocurrency market analyst at BitBank, Bitcoin has seen a decline in its dominance as it settled at a low and below 44%.
This has allowed the altcoin market to outperform Bitcoin, but suggests that capital could flow back into the first cryptocurrency by market cap in a short time if it can stay on its upward trajectory.
From another point of view, Bitcoin has another reason to refuel its rockets, as the US will publish its Consumer Price Index report, a gauge of inflation, this week.
High inflation expectations have been driving the massive buying of bitcoin as more institutional investors use it as a hedge against inflation.
Hasegawa, crypto market analyst at BitBank said:
Overall, the US CPI this week could raise market concerns about inflation and push the inflation rate higher, which in turn could fuel another boost to Bitcoin, given their strong correlations over the past several weeks.
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