Originally published on: November 15, 2024
Market experts are predicting that Bitcoin’s price will soar past $100,000 by the end of November, following a record-breaking high of over $90,000. The surge in demand for risk-on assets has been fueled by growing investor interest in the cryptocurrency market.
President-elect Donald Trump is reportedly considering appointing a pro-crypto chair for the Commodity Futures Trading Commission (CFTC) to promote a more crypto-friendly regulatory environment. Summer Mersinger, a former Republican CFTC commissioner, is among the candidates being considered for the position.
Analysts are confident that Bitcoin’s price will continue to rise, with historical data and post-election investor demand pointing towards a potential $100,000 milestone in November. Ryan Lee, chief analyst at Bitget Research, believes that Bitcoin’s impressive year-to-date rally has outshined traditional financial assets.
The optimism surrounding Bitcoin and cryptocurrencies has also caught the attention of institutional investors, who are increasingly looking to allocate more funds towards crypto assets. Swiss crypto bank Sygnum’s Future Finance survey has revealed a growing appetite for crypto investments among institutions, buoyed by clearer global regulations in the market.
In other news, the Conflux Foundation has announced a $500 million investment to support the growth of PayFi, a blockchain-based payments platform that aims to bring traditional finance services to the blockchain. PayFi is designed to create a more integrated value network by offering financial products like credit cards and invoice financing on the blockchain.
Privacy advocate Edward Snowden recently discussed the importance of decentralization at Near’s Redacted conference in Bangkok, highlighting the potential pitfalls of heavy venture capital funding on blockchain networks. Snowden pointed to Solana as an example of a blockchain project that may be hindered by substantial VC backing.
Overall, the cryptocurrency market has seen positive gains this week, with meme coins like Peanut the Squirrel (PNUT) and Pepe (PEPE) leading the way with impressive price surges. As the crypto market continues to evolve, it’s crucial to stay informed about the latest developments and opportunities in the space. Don’t miss out on future updates by subscribing to the Finance Redefined newsletter for weekly insights and analysis on DeFi advancements.
