Behind the rise in Bitcoin (BTC) prices in November: Is it a brief boom or a precursor to a bull market? After the Federal Reserve announced the news, counterfeit coins soared and Bitcoin remained stable! Let's explore.In recent times, despite the Federal Reserve's warning of interest rate hikes, the prices of cryptocurrencies such as Bitcoin (BTC) and Solana (SOL) continue to maintain a strong upward trend

Behind the rise in Bitcoin (BTC) prices in November: Is it a brief boom or a precursor to a bull market? After the Federal Reserve announced the news, counterfeit coins soared and Bitcoin remained stable! Let's explore.

In recent times, despite the Federal Reserve's warning of interest rate hikes, the prices of cryptocurrencies such as Bitcoin (BTC) and Solana (SOL) continue to maintain a strong upward trend. This phenomenon has attracted widespread attention from the market.

After the Federal Reserve's FOMC decision to maintain interest rate stability, the prices of Bitcoin BTC and SolanasOL rose rapidly.

The Federal Reserve Open Market Committee (FOMC) has decided to stabilize interest rates within the range of 5.25% to 5.50%. With the positive momentum in the last week of October 2023, Federal Reserve Chairman Jerome Powell delivered a speech after the FOMC meeting, highlighting the significant price increases for Bitcoin and Solana.

The Bitcoin BTC price and SolanasOL price rose the most after the FOMC decision, and the growth of these two cryptocurrencies was astonishing, all of which were achieved after the speech of Federal Reserve Chairman Jerome Powell. His speech had a positive impact on the market, leading to a significant increase in the prices of Bitcoin and Solana.

Since the birth of Bitcoin, it has become one of the most closely watched digital assets worldwide. Unlike traditional financial markets, the value of Bitcoin is influenced by various factors such as supply and demand, investor sentiment, and related policies. In recent years, the price of Bitcoin has been continuously rising, attracting more and more investors and institutions' attention.

At present, the Federal Reserve has begun to consider interest rate hikes aimed at curbing inflationary pressure. However, the market did not overreact to this. On the contrary, the prices of cryptocurrencies such as Bitcoin and Solana continue to rise, indicating investors' confidence in their prospects.

There are several factors that can explain this phenomenon. Firstly, cryptocurrencies such as Bitcoin and Solana are considered safe haven assets, and investors often turn to these assets when facing uncertainty. Secondly, the development and application of blockchain technology have promoted the prosperity of the cryptocurrency market, attracting more investors to participate. In addition, the increasing recognition of digital assets worldwide has also provided support for the price increase of cryptocurrencies such as Bitcoin.

BTC, SOL prices stand out

Solana continued its upward trend and became the currency with the highest increase among the top 10 cryptocurrency markets. This trend occurred at the time of the bankruptcy of the cryptocurrency exchange FTX, and the Solana Foundation's investments are closely related to the exchange. Earlier, CoinGap reported that the exchange had obtained court approval to sell its $3.4 billion worth of encrypted assets, including Bitcoin (BTC), Solana (SOL), and Ethereum (ETH). However, in the SamBankman Fried (SBF) experiment, SOL prices showed strong resilience.

Powell's speech: Will interest rates be raised at the December FOMC meeting?

Federal Reserve officials have revealed that the US economy was in full swing in the third quarter of 2023, and the possibility of further interest rate hikes at the upcoming meeting cannot be ruled out, while also keeping in mind the goal of reducing inflation back to the 2% mark. As the Federal Reserve maintains interest rates at expected levels, Bitcoin prices have skyrocketed. Although Powell hinted that he may raise interest rates again at the next FOMC meeting in December, the cryptocurrency and stock markets still showed impressive gains.

In this quarter of economic recovery, Federal Reserve officials are holding onto the battle against inflation with a hawkish stance. They stated that although they have seen an increase in the prices of cryptocurrencies such as Bitcoin, they are still firmly committed to controlling inflation at the target of 2%.

Although Powell hinted in his speech that there may be another rate hike at the next meeting in December, the market does not seem to be afraid of it. After hearing this news, the cryptocurrency and stock markets did not show any negative reactions that investors were concerned about, but instead showed an upward trend

However, we must also note that the cryptocurrency market is highly risky. The high volatility of prices, uncertainty in regulatory policies, and potential safety hazards are all issues that investors need to be vigilant about. Before participating in cryptocurrency investments, investors should conduct a thorough risk assessment and take appropriate risk management measures.

Overall, despite the Federal Reserve's interest rate hike warning, the prices of cryptocurrencies such as Bitcoin and Solana continue to maintain a strong upward trend. This phenomenon reflects the market's confidence in digital assets and also reminds us to pay attention to risks in investment. For investors, understanding market dynamics and formulating reasonable investment strategies are the key to ensuring investment success.

Hot counterfeit coins RUNE, BNB, UNI, Upbit, PHB, FRAX, FTX, Bitcoin ET, etc

On November 2nd, the official Web3 night of Financial Technology Week will be held in Hong Kong. The Web3 field will be an Elephant Square sector, with particularly noteworthy projects including ENS (Ethereum Domain Name Service), DOT (Poka), and ATA (which have made significant progress in blockchain and diversified technologies and may attract widespread attention in the activities of Financial Technology Week)

2. Cryptocurrency projects and sectors may be potential areas for investors interested in the cryptocurrency market. Projects such as CYBER (CyberWay) may have depth in the fields of blockchain and encryption, while the new currency sector typically takes time to establish trust and develop.

3. RUNE is indeed worth paying more attention to, especially when it shows a restart on the weekly chart. In addition, BNB's Celestia main website is expected to be launched on October 31st, and companies related to BNBLaunchpad may also be released.

The price trend of UNI (Uniswap token) is indeed an important factor for potential trading opportunities. If UNI prices approach again

The addition of support for MATIC (PolygonNetwork's token) in Upbit pledge service is an important development that provides users with more choices and opportunities to hold the token.

6. PHB breakthrough and step back completion, ready to enter and continue to rise.

The upcoming release of FRAXV3 version and the repurchase plan for FXS tokens are important developments in this project

8. FTX is in negotiations with three bidders to restart its platform and plans to make a decision by mid December to advance the withdrawal and replenishment process.

The listing of the spot Bitcoin ETF, which ARKInvest collaborates with 21Shares, on the DTCC website is an important development.