Bitcoin has been rising for eight consecutive weeksThe 2023 Ethereum Devconnect Conference will open in Istanbul on November 13thUS CPI data will be released on November 14th, and Matrixport believes it may trigger another round of Bitcoin's riseGitcoinGrants19 will provide approximately $1.24 million in matching funds starting from November 15thThe SEC may provide a public response to the application for spot ETFs in Tecoin before November 17thApeCoin (APE) will unlock approximately 15
Bitcoin has been rising for eight consecutive weeks
The 2023 Ethereum Devconnect Conference will open in Istanbul on November 13th
US CPI data will be released on November 14th, and Matrixport believes it may trigger another round of Bitcoin's rise
GitcoinGrants19 will provide approximately $1.24 million in matching funds starting from November 15th
The SEC may provide a public response to the application for spot ETFs in Tecoin before November 17th
ApeCoin (APE) will unlock approximately 15.6 million tokens worth approximately $22.6 million at 8am on November 17th
OasisNetwork (ROSE) will unlock approximately 196 million tokens worth approximately $14.6 million at midnight on November 19th
At the same time as BTC rose, the market value of USDT also began to accelerate growth.
Since around October 20th, the market value of USDT has significantly accelerated growth.
It should be noted that when BTC accelerates its rise, USDT's funds flow to BTC, but USDT's market value also accelerates its rise, indicating that more funds are also accelerating their flow to USDT, which is why this phenomenon occurs.
Let's review the situation of 2017 Bull, 2019 Mavericks, and 2021 Bull.
In 2017, the market value of USDT almost accelerated throughout the entire process, and BTC also accelerated throughout the entire process.
In the first half of 2019, there was also a synchronous acceleration in the market value of USDT and the price of BTC.
In 2021, with BTC rising in two rounds, USDT rose in two rounds. The first round did not accelerate, while the second round showed a slightly less obvious trend of acceleration.
Looking back at 2017, 2019, and 2021, it can be found that USDT can actually reflect both market sentiment and expectations.
USDT is more important in reflecting the flow of funds. The growth of USDT in the second round of 2023 was significantly lower than that in the first round, as the Federal Reserve continued to raise interest rates, resulting in a relative decrease in market liquidity, which is reflected here.
Since approximately October 20th, the market value of USDT has accelerated. It indicates that funds have flowed into USDT, and the market's expectations are positive.
The main factor that will affect the market next is the BTC spot ETF. The latest BTC spot ETF for treatment review is as of November 17th:
If passed: There should be several consecutive applications that have been passed, and the market will be pushed higher.
If postponed: If the 17th is postponed, the probability of the 21st will also be postponed. Going forward will be the grayscale from December to the final response deadline, and the application for the Ark will be submitted by the deadline of January 10th. Next, there may be a small pullback or BTC substituting a sideways decline.
If rejected: If the SEC finds new and reasonable reasons to reject the BTC spot ETF application, the market may end, but this probability is relatively low.
This week, tomorrow night, the CPI data of Meiguo will be released again, but people are also accustomed to the release of these data. Whether it is interest rate hikes, non-agricultural data, CPI data, they have the final say, right? Because Meiguo has always been a dishonest country, the cryptocurrency market is constantly affected by uncertain factors and is going through ups and downs. Recently, what has affected the overall trend of the market is the expected approval of Bitcoin spot ETFs. Perhaps in late November, there will be dual benefits in the cryptocurrency market. The first is Bitcoin spot ETFs, and the second is that the dust of the SBF case has settled, and the FTX restart is on the agenda, If there are new developments in Bitcoin spot ETFs, Bitcoin will break through $40000 in late November. If the FTX International Exchange is restarted and approved, its associated currency FTT will soar above $10. In fact, speculation in the cryptocurrency market is based on expectations and news, and both behemoths and institutions come for profit, So at this moment of market correction, what we need to do is to take advantage of the low price ambush # BTC # # Ethereum # # Investment and Wealth Management # # Digital Currency#
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