Crypto Week Ahead: Bitcoin-Friendly Javier Milei’s Argentine Presidential Win Brings Much-Needed Price Rally

Over the past seven days, Bitcoin (BTC) price achieved a high of $37,878.59.

BTC dominance, at the time of writing, stood at 51.41 percent.

Bitcoin (BTC), the world's longest-standing and highly valued cryptocurrency, surged past the $37,000 threshold today morning. This upswing in Bitcoin's value coincided with the favourable outcome of the Argentine presidential election, where Javier Milei (known for his positive stance towards Bitcoin) emerged victorious. Meanwhile, Ethereum (ETH) experienced a notable uptick, surpassing the $2,000 mark. This surge in Ethereum's value was attributed to increased market interest following Fidelity's expressed intent to pursue an Ethereum exchange-traded fund (ETF).

Before we proceed further, readers should note that the overall crypto market and coin prices are extremely volatile in nature. There are no foolproof methods to ascertain how cryptocurrencies are expected to behave in the future. This article is aimed at helping investors stay on top of the current market scenarios and the biggest events that have already taken place as well as some upcoming occurrences that are worth noting. Investors are advised to do their own research before taking any call. 

Crypto Prices Over The Past Week

Last Monday (November 13), the overall crypto market cap stood at $1.42 trillion. BTC price stood at around $37,030, ETH price stood at around $2,040.

A week later, the overall market cap dipped to $1.41 trillion.

DeFi's total volume stands at $4.51 billion, at 11.35 percent of the total market 24-hour volume. In the case of stablecoins, the overall volume stands at $34.94 billion, at 87.93 percent of the total 24-hour market volume. As per CoinMarketCap, the overall market fear and greed index stood at ‘Greed’ with 74 points (out of 100) — seeing continuing confidence among investors when compared with last week. 

BTC dominance, at the time of writing, stood at 51.41 percent.

Over the past seven days, Bitcoin achieved a high of $37,878.59 (on November 16) and a low of $35,134.67 (November 15).

Ethereum, on the other hand, saw a high of $2,115.78 (November 13) and a low of $1,916.01 (November 17).

Crypto Events To Note

Javier Milei is poised to become the next president of Argentina, with his rival Sergio Massa conceding defeat on Sunday evening, citing that "Argentines chose another path." According to Bloomberg, with approximately 87 percent of the votes tallied, Milei commands 56% of the vote, while Massa trails with 44 percent. The cryptocurrency market responded to this political shift, with bitcoin (BTC) experiencing a notable uptick late Sunday afternoon amidst speculation of Milei's strong performance.

Following Massa's concession, Bitcoin has seen a nearly 3 percent increase in value over the past 24 hours, reaching $37,350. Earlier in the year, Milei expressed his views on the central bank, stating, "We have to understand that the central bank is a scam." When questioned about Bitcoin, he emphasised its significance as a representation of returning money to its original creator, the private sector. While Milei has advocated for the elimination of Argentina's central bank and the dollarisation of an economy grappling with a staggering 142 percent inflation rate in October, he has not explicitly proposed making Bitcoin legal tender at this point.

Additionally, Ethereum is also seeing a rare uptick in prices. In a filing on Friday, financial powerhouse Fidelity has expressed its intention to launch an exchange-traded fund (ETF) focused on Ethereum's ether (ETH), mirroring its competitor BlackRock in furthering its involvement in the cryptocurrency space.

The proposed Fidelity Ethereum Fund is slated to be listed on an exchange affiliated with Cboe Global Markets. The filing, made public by Cboe Global Markets, unveils the plans for this potential product. However, the fate of the ether ETF, including Fidelity's and others like BlackRock's, hinges on the decision of the U.S. Securities and Exchange Commission (SEC), which must grant approval for these investment vehicles. BlackRock had announced its own ETF proposal earlier this month, adding to the growing interest in cryptocurrency investment opportunities.

Lastly, in a bit of negative news, the US Securities and Exchange Commission (SEC) has disclosed a postponement in the decision-making process regarding the approval of spot Bitcoin ETF applications from both Franklin Templeton and Global X. The SEC, having a deadline today for Franklin Templeton and November 21 for Global X, has extended these deadlines into early 2024 due to the delays.

The deferment in the decision-making process was not entirely unforeseen, as expectations for spot Bitcoin ETF approvals this week were already low. The current trading value for Bitcoin (BTC) stands at $36,450, showing a modest increase for the day.

What Crypto Traders Are Saying About Current Market Scenario

WazirX Vice President Rajagopal Menon offered his take, “Last week, Bitcoin and Ethereum experienced a retracement following a four-week surge. The anticipation of a spot Bitcoin ETF approval by the SEC remains a focal point. Optimism prevails despite unexpected retracement leading to over $300 million in liquidations. A false news event caused a significant XRP price pump. Cathie Wood's news interview expresses confidence in the crypto market's growth to $25 trillion by 2030, anchored in Bitcoin and Ethereum. The Crypto Fear & Greed index surged to 70, indicating heightened optimism.”

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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.