Bitcoin sees 3% decline after October’s surge, amid profit-taking and ETF anticipation By Investing.com
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experienced a 3% drop in November following a significant 27.9% surge in October, an occurrence that market analysts attribute to traders cashing out gains. This comes shortly after the liquidation of $21.1 million in half a day and a notable decrease from the annual peak trading volume of $14.7 billion last month.
The decline in trading volumes suggests an increase in profit-taking activities, with over 81% of Bitcoin investors currently profitable. Despite this, institutional crypto funds have observed their largest weekly inflow in over a year, signaling enduring confidence in Bitcoin among long-term investors.
The U.S. Securities and Exchange Commission (SEC) has indicated potential delays in Bitcoin ETF application approvals until 2024. Despite this, there remains strong anticipation for regulatory approval within the crypto community. The Federal Reserve’s decision to hold off on interest rate hikes has not had a positive effect on Bitcoin’s price as some might have expected.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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© Reuters
experienced a 3% drop in November following a significant 27.9% surge in October, an occurrence that market analysts attribute to traders cashing out gains. This comes shortly after the liquidation of $21.1 million in half a day and a notable decrease from the annual peak trading volume of $14.7 billion last month.
The decline in trading volumes suggests an increase in profit-taking activities, with over 81% of Bitcoin investors currently profitable. Despite this, institutional crypto funds have observed their largest weekly inflow in over a year, signaling enduring confidence in Bitcoin among long-term investors.
The U.S. Securities and Exchange Commission (SEC) has indicated potential delays in Bitcoin ETF application approvals until 2024. Despite this, there remains strong anticipation for regulatory approval within the crypto community. The Federal Reserve’s decision to hold off on interest rate hikes has not had a positive effect on Bitcoin’s price as some might have expected.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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