Crypto Market Update – November 2023

December 13, 2023

In the ever-evolving realm of the crypto universe, November unfolds with a series of captivating headlines that illuminate the dynamic nature of the industry:

  • As we navigate the crypto landscape, Standard Chartered makes a bold prediction, asserting that Bitcoin is poised to reach $100,000 by the end of 2024. The declaration of a ‘Crypto Spring’ signals a season of optimism and growth, setting the stage for a transformative period in the digital asset space.

  • Bitcoin’s circulating supply hitting a multi-year high in profitability marks a significant milestone. This development underscores the robust performance of the cryptocurrency, reflecting the positive financial outlook for investors and stakeholders within the crypto ecosystem.

  • The crypto market stages a remarkable recovery, with Bitcoin surging beyond $42,000 and reclaiming levels reminiscent of the pre-Terra era. This resurgence not only demonstrates the resilience of the crypto market but also hints at a renewed bullish momentum that has captured the attention of market participants.

Stay tuned as we highlight these stories and more in this month’s newsletter.

ACROSS THE HEADLINES

Bitcoin is on Track to Hit $100,000 by the End of 2024 as ‘Crypto Spring’ has Begun, Standard Chartered Says.

“Bitcoin has already soared 130% in 2023, and the bullish price outlook represents additional gains of more than 160%.”

 

Coinbase CEO Says Crypto Industry Can Turn the Page After Historic Binance Settlement

“The crypto industry can finally close the chapter on a litany of scandals and problems after Binance was hit with a historic settlement by the U.S. Department of Justice.”

 

Bitcoin Circulating Supply in Profit Hits Multi-Year High

“With bitcoin trading at yearly highs above $37,000 last week, over 83% of the coin supply was driven back into profitable territory.”

 

Where Crypto Goes Next After the Humbling of Binance

“The $4.3 billion pact Binance reached with US authorities this week creates new complications for the world’s largest cryptocurrency exchange. But crypto enthusiasts are breathing an audible sigh of relief, saying the deal lifts a lot of the uncertainty hanging over their industry.”

 

Christiano Ronaldo Faces $1bn Lawsuit Over Binance Ads

“Footballer Cristiano Ronaldo is facing a class action lawsuit in the US over his promotion of Binance, the largest cryptocurrency exchange in the world. The plaintiffs claim his endorsement led them to make loss-making investments. They are seeking damages of “a sum exceeding” $1bn (£790m).”

 

Bitcoin Tops $42K as Crypto Market Recovers to Pre-Terra Levels

“Bitcoin’s price had been toying with the $40,000 level in recent days, but finally breached it Monday to trade above $41,600 as of press time, according to CoinDesk Indices data, a 24-hour rise of about 6%. Ether was trading around $2,240, a similar percentage gain.”

 

El Salvador’s Bitcoin Investment ‘In the Black,” Says President Bukule

“The president of El Salvador took to the X platform early Monday morning to note his country’s bitcoin (BTC) investment was now profitable by more than $3 million following the crypto’s rally to the $42,000 area over the weekend.”

 

The Crypto Industry is in the Dumps. So Why is Bitcoin Suddenly Flying High?

“Although the cryptocurrency industry remains shadowed by recent blowups and controversy, the world’s most important token — bitcoin — is making a comeback. The value of bitcoin soared to nearly $42,000 on Monday, marking the first time the digital currency cracked $40,000 in 18 months, price tracker CoinDesk Indices shows.”

 

Crypto is Having a 2023 Moment

“Investor sentiment has turned more optimistic in recent weeks, sending the value of digital tokens and shares of crypto companies climbing. Backers are particularly interested in the potential for regulators to approve a crypto exchange-traded fund, giving investors greater exposure to digital assets without the full risk of owning them directly.”

 

Trump, Kennedy Jr, and Ramaswamy Invited to First Crypto Presidential Forum

“Donald Trump, Robert F. Kennedy Jr., and Vivek Ramaswamy have been invited to be part of the First Crypto Presidential Forum, an initiative designed to clarify the cryptocurrency policies of each U.S. presidential candidate. The event, organized by Stand with Crypto, will be held in New Hampshire on December 11.”

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