Bitcoin is about to usurp the silver market

Bitcoin and ETH reach new highs

In the last two weeks alone, the price of BTC has risen rapidly from around USD 37,000 to USD 45,000. The crypto market is also growing again. BTC’s growth is mainly due to the supply-demand gap.

From month to month Bitcoin was withdrawn from the stock exchange and the number of wages on the stock exchanges plummeted. At this point, the supply of BTC is decreasing. So when the demand for BTC increases, the price is put under pressure and the price increases.

Bitcoin and ETH continuously hit new highs that have made them the top 20 investments by market capitalization today. BTC’s capitalization has surpassed position 8 and is very close to silver’s capitalization. As BTC continues to grow, it could overtake silver by capitalization on the asset chart.

At a price of $ 67,500, 99.26% of Bitcoin is profitable. The times when BTC has high profits can exhibit a profit-taking phenomenon and investors should prepare BTC psychology to correct this.

The NUPL display remains in the green safe area. If corrected, BTC could accumulate more and have a higher chance of growth. Other indices such as RHODL, Peull Multiple, Market Cap to Thermocap Ratio, … are also in the safe area with no signs of highs.

In terms of the amount of BTC deposited on the exchange yesterday, it wasn’t much higher than the amount loaded on the floor when the price topped the old high.

The Funding Rate Index rose slightly. The volume of future orders remains at a high level.

In general, the data in the chain showed no signs of peaking. Currently, only the amount of BTC that is profitable is high and profit-taking may occur. But BTC and ETH trends are still being pulled from the exchange.

The market is waiting for a bitcoin spot ETF

Even the Spanish Santander Bank is about to launch a Bitcoin ETF. The bank also stated, “We are leaders in the crypto space. We are issuing the first bond on the blockchain. We have a strong team working in this area. Our customer wanted to buy Bitcoin, but we were slow to accept it for legal reasons. Now we are in the process of offering Crypto ETF. “

It can be seen that banks in the past did not like and attacked BTC. But so far they have made a huge profit from BTC or the provision of crypto-related services. At the same time, these banks all participate in the crypto market when their customers have a need and want to buy BTC. Citigroup’s former CEO Vikram Pandit also said that large banks are likely to consider offering cryptocurrency trading services in the near future.

Speaking to Bloomberg’s Haslinda Amin during the Singapore Fintech Festival, Pandit said the shift is likely to happen in the next one to three years, with investment firms joining banks to invest in electronic money. He noted that the benefits associated with cryptocurrencies will force top banks to invest in digital currencies.

Another country, Zimbabwe, is considering using Bitcoin (BTC) as a legitimate payment option to meet this growing demand and tear down the technology, according to local news. According to Charles Wekwete, the former head of the government’s technology department, Zimbabwe is at the stage of understanding and discussion.

The US government has also so far confirmed that it will not ban BTC. They just want to regulate crypto through taxes and fight money laundering-related crimes. There are already three Bitcoin Future ETFs and a number of ETFs pending approval in the US. But the market is still waiting for a bitcoin spot ETF.

Yesterday, crypto loan and credit services company BlockFi filed filings with the SEC to register a true Bitcoin-based Bitcoin ETF.

A VanEck Bitcoin Spot ETF is also to be decided by the SEC on November 14th. At this point, the SEC must decide whether to approve or reject this proposal. Many rumors suggest that the Bitcoin spot ETF could be approved by VanEck. Perhaps this is one of the reasons more Fomo investors are causing the BTC price to go up.