This past week has been a defining moment for the crypto industry, as market dynamics continue to shift with Bitcoin and Ether making notable gains. Bitcoin’s surge toward $90,000 has captured the spotlight, driven by a combination of favorable regulatory signals and institutional interest. Similarly, Ether is primed for a breakout, with bullish predictions fueled by increasing ETF inflows.
Meanwhile, BItget re-enters the UK market and global adoption continues to expand as Nano Labs, a China-based tech company, begins accepting Bitcoin as payment, signaling a potential policy shift.
Here’s a look at some pivotal developments reshaping the crypto landscape.
Bitcoin surges toward $90,000 as market exceeds the pandemic-era peak
Source: Bloomberg
Bitcoin’s recent rally has pushed its value to nearly $90,000, marking a new all-time high and propelling the broader crypto market above pre-pandemic levels.
This surge has been partly fueled by President-elect Donald Trump’s pro-crypto stance, which includes proposals to support crypto-friendly policies and encourage domestic Bitcoin mining. Investors have flocked to the market in anticipation of regulatory relaxation, adding to Bitcoin’s appeal as a hedge against inflation amid rising interest in crypto from US institutions.
Notably, open interest in Bitcoin and Ethereum futures reached record levels this week, further signaling institutional confidence.
Ether set for $3.2K breakout amid positive ETF inflows
Following Donald Trump’s victory in the 2024 US presidential election, analysts are forecasting a potential rally for Ether (ETH), with some predicting a breakout above $3,200. This optimism is fueled by a rise in inflows into Ether exchange-traded funds (ETFs), which saw positive net flows of $52.3 million on November 6 and $79.7 million on November 7. The increase in investor appetite, particularly after Trump’s electoral win, is expected to support Ether’s price in the short term.
Bitfinex analysts are particularly bullish, noting that Ether’s price has accumulated within a long-term range and is poised for a breakout. They suggest that as Bitcoin’s dominance reaches around 60%, Ether could experience a substantial upside. Furthermore, the increasing open interest in Ether suggests market conditions are ripe for a breakout within the next month.
This, combined with the favorable regulatory environment under a potential Trump administration, may also accelerate the growth of Ether-related ETFs, further boosting Ether’s price and market sentiment.
Find out more on Cointelegraph.
Bitget relaunches crypto app in UK after achieving FCA compliance
Cryptocurrency exchange Bitget has relaunched its app in the UK after previously restricting access to comply with local regulations.
On November 12, the exchange announced that it had reactivated its UK website, which is now fully in compliance with the financial promotions regime. This relaunch follows Bitget’s decision in May to temporarily restrict access to its website in the UK due to these regulatory requirements.
Bitget’s app relaunch in the UK is enabled through Archax approval for FinProm and promotion in the UK. The crypto exchange received Archax’s approval in the second quarter of 2024. Archax is an independent Financial Promotions and Marketing reviewer authorized by the FCA to review content to ensure compliance with FCA Financial Promotions requirements.
With Archax approval, Bitget users in the UK can access a range of crypto services on the platform, including trading and custody of several crypto assets, including tokenized real-world assets. Bitget has over 150 tokens available in the UK, more than twice that of other exchanges. The entrance into the UK market under the regime allows Bitget to bring users a wide variety of digital assets within the everchanging crypto landscape
Read more on Cointelegraph.
China-based Nano Labs embraces Bitcoin amid potential policy shift
Nano Labs, a China-based crypto mining chip designer, has started accepting Bitcoin as payment for its products via Coinbase, marking a significant pivot for the company. This decision comes in response to increasing demand for digital payment solutions in the tech industry, as more businesses embrace cryptocurrency for secure and efficient cross-border transactions. By offering Bitcoin payments, Nano Labs aims to attract a broader audience of tech-forward clients who prefer flexible payment systems.
Founded in 2019, Nano Labs specializes in high-performance computing (HPC) chips, smart network interface cards, and advanced computing solutions. Despite a promising start, its stock performance has been poor, losing approximately 95% of its value since its public debut in 2022. The decision to integrate Bitcoin payments may serve as a strategic move to counterbalance this decline, as Bitcoin-related stocks have surged for other companies embracing crypto.
Additionally, this shift may signal a subtle change in China’s historically strict stance on cryptocurrency, potentially aligning with growing global trends in crypto adoption. While the Chinese government has imposed heavy regulations, recent calls from officials suggest a rethinking of its crypto policies.
Find out more on CryptoSlate.
