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what are the events that could influence its price

Maximiliano Hinz, Latam Operations Director of Binance, in dialogue with Ámbito, reviewed what happened in October, “the last month we saw a strong escalation, with the launch of the first ETF in the traditional market (NASDAQ)This means that certain funds that can only trade regulated assets can now access Bitcoin as an investment. “

“This change, as minor as it may seem, is something very important in the financial ecosystem, since opens the door for large institutional funds to take a position on Bitcoin, either from the positive point of view (buying it) or selling short, that is, betting against Bitcoin “, he expanded and assured that it is fundamental for the development of the price of Bitcoin in the short and medium term. “We are also seeing how mining power is recovered, and a sale of Bitcoins is maintained low to the network, with which the Btc generators maintain a bullish position on the cryptoactive “, he closed.

For his part, Sergio Morales, CEO of InterFinance, also in dialogue with Ámbito, said that although Bitcoin was never thought of as an investment, “as time passes and it is perceived as a digital asset It is affected by the same macro-financial variables related to the flow of capital worldwide. In other words, the uptrend of cryptocurrencies -like that of all financial assets- is driven by a pandemic world of low rates, great economic stimuli and hyper liquidity“.

In this regard, regarding the events that in November could influence the price of BTC, he highlighted on the one hand that “The Fed is expected to begin withdrawing monetary stimuli and it will depend on the level of gradualism applied if they experience a correction in financial markets” and on the other, “it will be relevant to pay attention to the different blockchain projects in trend in the young public, mainly related to the NFT gaming revolution, whose maximum exponent today is Axie Infinity, but other interesting emerging proposals are starting to be launched such as DeRace (digital horse racing), CryptoMines (Sci-Fi) or Predator (shooter), among others “.

For its part, Cristóbal Pereira, CEO of LatAmTech Finance and academic director of Blockchain Academy Chile, in dialogue with Ámbito reviewed what happened last month. “After reaching a historical peak of $ 67,000, an issue that has been strongly driven by the launch of the ProShares Bitcoin ETF, demonstrates the interest of more traditional investors in these assets, where the range of investment opportunities for them is expanded. In addition, these assets allow traditional and highly regulated investors, who usually cannot invest in cryptocurrencies, have exposure to the volatility and returns of Bitcoin. “

“All these small positive impulses bring Bitcoin closer and closer to reaching US $ 100,000 in the future by the end of this year”, opined and added: “Within the next few weeks we must be attentive to next announcements from the SEC where you could also see the acceptance of the first ETF that invests directly in Bitcoin, that is, the ETF manager must acquire this cryptocurrency in order to deliver the exposure to its price through the exchange-traded fund. If this is so, we could continue to see a bullish rally by the end of the year, similar to what happened in the final months of 2017 and 2020. “

Based on the futures contracts that are being traded on the Chicago Stock Exchange, Bitcoin contracts for the end of November are at US $ 63,000 and a value close to US $ 64,000 is projected for December. At this moment, the asset is trading at US $ 62,000, “which means that investors are expecting a rise in the price of the asset by the end of this year,” Cristóbal Pereira closed.

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HELEN HERNANDEZ

Helen Hernandez is our best writer. Helen writes about social news and celebrity gossip. She loves watching movies since childhood. Email: Helen@oicanadian.com Phone : +1 281-333-2229

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