Market situation

The market was active again when not only did BTC rise, but Altcoins began to grow too. The BTC price is around $ 57,000 while some big altcoins like the ETH have risen to $ 3,700. Other coins like BNB, DOT, … also grew.

The rebound in BTC price has resulted in the BTC win rate rising to 96% and entering the red zone. The risk of a BTC correction due to profit taking should always be covered. However, the current purchasing power is still high and is holding the BTC price. BTC could also be profitable for a long time before being corrected.

Other indices such as NUPL, RHODL showed no signs of peak values.

Yesterday, the BTC amount deposited on the exchange rose higher than the amount withdrawn from the exchange. However, this difference is not much.

The number of BTC on the exchanges has not increased lately but is moving sideways.

Traders are still pretty optimistic. This is reflected in the volume of futures orders and in the funding rate indicator.

And yesterday, ETH continued to be withdrawn from the exchange more than it was paid in. The ETH price has rebounded by around $ 3,700.

Politicians and billionaires are increasingly interested in crypto

The Mayor of Miami has announced that the city will accept BTC and crypto. Encouraging the payment of salaries for civil servants and civil servants in BTC is a top task. This will attract tech companies to the city. This is why many politicians are starting to support crypto.

Billionaire Barry Sternlicht also expressed his support for BTC. He said, “Gold has no value … The reason I own BTC is because the US government and every government in the western hemisphere is printing money, and that’s it. [Bitcoin] is a finite amount of something and can be traded globally. Mr. Barry not only stores BTC, he also owns ETH.

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Billionaire Larry also said that he doesn’t know the future of Bitcoin, it can go to $ 80,000 or to zero, but what BlackRock cares about is the role of cryptocurrency in the future.

Or the investment firm Fidelity is very optimistic and says that the price of BTC could drop as low as $ 100,000 in 2023. This company believes that the price of BTC can go even higher.

In addition to the good news from officials and investment companies, there is also mixed information.

The deputy minister for the Bank of England said BTC could cause a global crisis. If you don’t believe BTC has any value but think it could be causing a global crisis. There is a puzzling contradiction in his argument. The real cause of the economic malaise most people know is that governments print money indefinitely.

The US Treasury Secretary said more than $ 600 in banking transactions must be reported to the IRS to combat crime and tax evasion. The amount of $ 600 is very small and often the illegal transactions are limited to the use of the bank and the amount of money they tie up is very large.

The poor always have a more limited voice and ability. The rich have a lot of potential. So maybe the IRS is aiming to increase scrutiny and tax the poor because they are more vulnerable and in control. At the same time, when what the IRS says is implemented, they go too deep that way and want to get into personal finances.

The US also began reducing the sums of money made available to the mayor. The Fed said it is possible that it will slow its monthly bond purchases ($ 120 billion) from mid-November, which could cut public bonds by $ 10 billion and $ 5 billion for globally secured securities each month. However, the Fed is still showing no signs of a rate hike.

Lately, low interest rates and the Fed’s cash flow have been pushing the housing market, causing that market to soar. When the Fed cuts funds to push the market, it can cause U.S. real estate to stall or fall.