BTC Price Plummets as $38K Resistance Proves Difficult to Break – Can Bitcoin Overcome November’s Ceiling?


As Bitcoin trades around the $37,872 mark, investors and traders are paying close attention to the performance of the cryptocurrency amidst the ever-changing market dynamics. The entry of the 13th contender in the Bitcoin ETF race, coupled with BlackRock’s revamp of its ETF model, has led to a surge of optimism in the investor community, with many predicting Bitcoin to reach the $40,000 milestone. However, looming regulatory concerns, particularly in regards to illicit financial activities, could impede the potential price increase.

Noted figures such as Robert Kiyosaki are advocating for investments in Bitcoin ETFs, pointing to a diversifying landscape in crypto investment strategies. Swiss asset manager Pando Asset has joined the race for the 13th slot in the U.S. Bitcoin ETF market, competing with notable entities like BlackRock, ARK Invest, and Grayscale. In response to SEC concerns, BlackRock has proposed revising its redemption model to include foreign companies paying U.S. broker-dealers in advance in cash, aiming to mitigate balance sheet impacts.

The CME Bitcoin futures have seen a remarkable annualized premium increase to 34%, indicating institutional investors’ confidence in Bitcoin surpassing the $40,000 threshold. This is further evidenced by a 125% surge in open interest in CME’s Bitcoin futures since mid-October, now valued at $1.93 billion. This uptick in institutional trust hints at favorable prospects ahead.

On the other hand, Wally Adeyemo, Deputy Secretary of the US Treasury, has warned cryptocurrency firms to curb and report illicit financial activities. This increased regulatory focus, while seeking clarity, could positively impact Bitcoin’s valuation by bolstering investor confidence in a more controlled and secure cryptocurrency environment.

Robert Kiyosaki, the acclaimed author of “Rich Dad Poor Dad”, has advised investors to consider Bitcoin ETFs in light of a potential global economic downturn. His endorsement of Bitcoin and its ETFs marks a growing acceptance in the investment landscape and could potentially influence its market value.

For more information about the top 15 cryptocurrencies to watch in 2023, view our handpicked collection of digital assets curated by professionals from Industry Talk and Cryptonews. Get informed and take advantage of this opportunity to benefit from the potential of these digital assets.

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