Bitcoin enjoys a spectacular November after reaching a level above USD 16,000. Many crypto analysts are hoping the best is yet to come, and the crypto community is excited!
Bitcoin’s price has surpassed the key level of USD 16,000; at the time of writing, the leading crypto is quoted at USD 16,110.
According to Messari, the price increase has been accompanied by an increase in volume; specifically, Bitcoin trading volumes increased from $28 million to $176 million in the last two hours.
Monthly Bitcoin price graph showing how Bitcoin broke the $16,000 milestone.
Also, the price increase has driven an increase in Bitcoin’s market cap by 200% more than the minimum reached in March.
„Interest so far in 2020 has been primarily institutional and we could see increased retail participation when Bitcoin breaks its previous record high of $20,000,“ said Kyle Davies, co-founder of Three Arrows Capital, according to CoinDesk.
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Every setback is a great opportunity
In the middle of the rally, Scott Melker warned that every drop in price is an opportunity to buy Bitcoin downwards.
So Melker explained on crypto Twitter „Remember. Bitcoin has had a number of corrections of more than 30% during its most upward movements. Every reversal from here on out is probably an epic opportunity to buy down and not a trend reversal.
Scott Melker: Every Bitcoin reversal is a buy opportunity
FED insists on its crypto not interest for a digital dollar
Jerome Powell, president of the FED, again shared his opinion regarding a digital dollar during a virtual conference organized by the European Central Bank.
Of course, the crypto community has seen an increase in interest in digital currencies. However, Powell noted that „we have not made the decision to issue a CBDC and believe that there is still a lot of work to be done as we engage with public constituents here in the U.S. and around the world.
Thus the crypto advantage remains with China.
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PayPal offers crypto commerce in the United States
Today PayPal announced that all users in the United States can trade crypto on its platform.
We are pleased to announce that all eligible PayPal account holders in the United States can now buy, hold, and sell crypto currencies directly through PayPal,“ said PayPal.
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