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November will be a month to remember for bitcoin investors.
Michael Moro, CEO of Genesis Global Trading, said: "It did not take long for the price to break out" after bitcoin did not maintain the key support level of $ 5,850.
"It's not clear if this is a 'bottom' or a short period of consolidation before the next move, but buyers are still keeping a bit of money on the sidelines in the event that it went lower ", said Moro.
There was a spike in the short interest in bitcoins when momentum traders built up, he said. But again, Moro said Genesis is seeing a fair level of interest on the buy-in side at the $ 4000 level.
The CEO also indicated a "messy" fork on the bitcoin cash network. That digital currency was divided into two versions: "Bitcoin ABC" or "Bitcoin SV", abbreviation of "Satoshi & # 39; s Vision" in mid-November.
"While the split occurred on a different blockchain, there were still spillover effects on other cryptosics, including bitcoin," said Moro.
However, there were some bright spots for crypters this month.
Digital currencies have the backing of a key figure on Wall Street – Jeff Sprecher, president of the New York Stock Exchange and CEO of his parent company ICE. Although cryptocurrency stocks were clouded, Sprecher claimed to have a future on regulated markets.
The Intercontinental Exchange is supporting a bitcoin futures version through a start-up called Bakkt that will go live in January. Nasdaq and VanEck have also confirmed that they are planning to launch more cryptocurrency products, which include bitcoin futures in the first quarter of next year.
Regulators have intensified the application of initial coin offerings in November.
The Securities Exchange Commission announced its first civil sanctions against the founders who did not register new offers of coins, adding to its repression against the abuse and the actual frauds in the growing digital industry. This week, the agency established itself with professional boxer Floyd Mayweather and music producer DJ Khaled, who according to the SEC pumped the first coin offerings without telling investors that they were paying a promotional fee.
