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Nov 20,2023

Crypto Week Ahead: Bitcoin-Compatible The Argentinean President Javier Milei's victory brings about a much-needed price rally

The price of Bitcoin (BTC) reached a high of $37,878.59 during the last seven days.

The most popular and valuable cryptocurrency in the world, Bitcoin (BTC), broke through the $37,000 mark this morning. This increase in the value of Bitcoin followed the successful outcome of the Argentine presidential election, won by Javier Milei, who is well-known for his support of Bitcoin. Ethereum (ETH) had a significant increase as well, breaking beyond the $2,000 barrier. The boost in market interest that followed Fidelity's announcement that it intended to develop an Ethereum exchange-traded fund (ETF) was blamed for this spike in Ethereum's value.

Readers should be aware that coin prices and the cryptocurrency market as a whole are very erratic before continuing. It is impossible to predict with certainty how cryptocurrencies will perform in the future. The purpose of this article is to assist investors in staying abreast of the most significant events that have already occurred, as well as some noteworthy forthcoming events and current market circumstances. Before taking any calls, investors are recommended to conduct their own research.

The Weekly Prices of Cryptocurrencies

The value of the entire cryptocurrency market was $1.42 trillion. The price of ETH was roughly $2,040, and the price of BTC was approximately $37,030.

The total market capitalization fell to $1.41 trillion a week later.

With a total volume of $4.51 billion, DeFi accounts for 11.35 percent of the market's 24-hour volume. Stablecoins represent 87.93 percent of the 24-hour market volume with an aggregate volume of $34.94 billion. According to CoinMarketCap, the general market fear and greed index was at 74 points (out of 100), or "Greed," indicating that investors' confidence has not decreased from the previous week.

The dominance of BTC was 51.41 percent at the time of writing.

Bitcoin reached a high of $37,878.59 on November 16 and a low of $35,134.67 on November 15 over the last seven days.

Conversely, Ethereum saw a low of $1,916.01 on November 17 and a high of $2,115.78 on November 13.

Crypto Events To Note

Argentina's next president is expected to be Javier Milei, since competitor Sergio Massa conceded defeat on Sunday night, stating that "Argentines chose another path." As per Bloomberg, with almost 87% of the ballots counted, Milei holds 56% of the vote, while Massa is in second place with 44%. This political change prompted a reaction from the cryptocurrency market, with bitcoin (BTC) seeing a significant spike late on Sunday afternoon amid rumours of Milei's outstanding performance.

In the 24 hours that have passed since Massa's concession, the value of Bitcoin has increased by over 3% to $37,350. Milei announced his opinions on the central bank earlier this year, saying, "We have to understand that the central bank is a scam." In response to a question concerning Bitcoin, he underlined its importance as a symbol of giving money back to the private sector, where it originated. Milei has not specifically suggested making Bitcoin legal cash at this time, even though he has called for the dismantling of Argentina's central bank and the dollarization of an economy that was facing an astounding 142 percent inflation rate in October.

In addition, there has been an unusual increase in the price of Ethereum. Financial behemoth Fidelity announced in a filing on Friday that it plans to introduce an exchange-traded fund (ETF) that will track Ethereum's ether (ETH), following in the footsteps of rival BlackRock to increase its presence in the cryptocurrency market.

There are plans to list the proposed Fidelity Ethereum Fund on an exchange connected to Cboe Global Markets. The intentions for this possible product are revealed in the file, which was made public by Cboe Global Markets. However, the U.S. Securities and Exchange Commission (SEC), which must approve these investment vehicles, will ultimately determine the fate of ether ETFs, including Fidelity's and others like BlackRock's. Earlier this month, BlackRock unveiled its own proposal for an exchange-traded fund (ETF), stoking more interest in bitcoin investing potential.

Last but not least, there is some bad news: the US Securities and Exchange Commission (SEC) has revealed that the approval of spot Bitcoin ETF applications from Global X and Franklin Templeton has been delayed. Due to the delays, the SEC has extended the deadlines for Franklin Templeton, which is today, and Global X, which is November 21. The new deadlines will take effect in early 2024.

The decision-making process's delay was somewhat expected, given the low expectations for this week's spot Bitcoin ETF approvals. At $36,450, the current trading value of Bitcoin (BTC) indicates a little gain for the day.

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