Bitcoin could hit $100K November, Trump mulls crypto-friendly CFTC chair: Finance Redefined
Market analysts expect Bitcoin’s price to breach the $100,000 mark before the end of November after the world’s first cryptocurrency surpassed a $90,000 record high during the best historical month for Bitcoin’s price action.
Adding to the growing investor demand for risk-on assets, United States President-elect Donald Trump is considering a crypto-friendly chair for the Commodity Futures Trading Commission (CFTC), Summer Mersinger, who previously urged the regulator to take a more pro-crypto approach.
Bitcoin price could fast-track to $100,000 high in November — Analysts
Bitcoin’s much-awaited $100,000 all-time high may come during November, analysts predicted, based on historical chart patterns and growing investor demand since the US elections.
Bitcoin (BTC) surpassed a $90,000 record high on Nov. 13, just over a week after Trump won the US presidential election.
Bitcoin’s over 100% year-to-date rally has outshined most traditional financial assets, according to Ryan Lee, chief analyst at Bitget Research.
November is historically known as the best month for Bitcoin’s returns, and BTC could be on track to $100,000 before the end of the month, Lee told Cointelegraph:
“If history repeats itself and Bitcoin prices grow as projected, a 14.7% from the current price level will push the coin well above the $100,000 target for the month…”
Trump mulls tapping crypto-friendly CFTC chair: Report
President-elect Donald Trump's transition team is considering current and former CFTC officials to chair the financial regulatory agency, according to Reuters News.
The CFTC plays a crucial role in regulated cryptocurrency markets in the US, second only to the Securities and Exchange Commission (SEC).
Summer Mersinger, a Republican CFTC commissioner who has urged the regulator to take a more accommodating stance on crypto, is among those under consideration to chair the agency, Reuters reported.
Institutional investors signal long-term commitment to crypto
Growing confidence in Bitcoin and the broader cryptocurrency market has led most institutional investors to plan increased long-term allocations in crypto.
In its annual Future Finance survey, Swiss crypto bank Sygnum found a stronger appetite for crypto assets among institutional investors. The survey report, released on Nov. 14 and shared with Cointelegraph, highlighted shifting interests and positive market sentiment toward cryptocurrencies.
Martin Burgherr, Sygnum Bank’s chief clients officer, said more explicit regulations globally were aiding the positive market sentiment among institutional investors. He added:
“Among the most important is perhaps the approval and the subsequent launch of the US Bitcoin Spot ETFs, which has the potential to accelerate the institutional adoption of digital assets.”
Conflux Foundation commits $500 million to fuel PayFi Web3 payments solution
The Conflux Foundation plans to invest $500 million to support the growth of PayFi, short for Pay Finance, a Web3 payments solution.
Conflux’s $500 million investment will come from its ecosystem fund and will go toward developing PayFi, a blockchain-based payments platform that aims to bring traditional finance services to the blockchain.
PayFi aims to create a “more integrated value network” by bringing financial products like credit cards, invoice financing and reverse factoring onto the blockchain, Conflux Foundation announced on Nov. 11.
Snowden calls for decentralization, criticizes VC influence on Solana
Edward Snowden, the privacy advocate and former National Security Agency (NSA) contractor, addressed decentralization during his appearance at Near’s Redacted conference in Bangkok.
Speaking on topics like cryptocurrencies, artificial intelligence and blockchain technology, Snowden also addressed the impact of venture capital (VC) on blockchain projects, using Solana as an example.
He described Solana as “born in prison” due to its heavy VC funding, suggesting that financial backing can impede a blockchain network’s ability to operate independently.
DeFi market overview
According to data from Cointelegraph Markets Pro and TradingView, most of the 100 largest cryptocurrencies by market capitalization ended the week in the green.
Of the top 100, memecoins took the lead, with Peanut the Squirrel (PNUT) up over 1,600% as the week’s biggest gainer, followed by Pepe (PEPE) up over 104% during the past week.
Total value locked in DeFi. Source: DefiLlama
Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.