When Bitcoin reaches $80,000, the likelihood of altcoin season increases.
Once Bitcoin's trading price surpasses $80,000, the altcoin market may find its footing. Bitcoin at $67,713, a cryptocurrency investment firm stated that breaking the current historical high of $73,679 is insufficient to trigger altcoin season.
"In an optimistic scenario, altcoin season is more likely to arrive when Bitcoin's price exceeds $80,000." An 18% increase in Bitcoin's price could trigger altcoin season. The target price of $80,000 is about 18% higher than its current price of $67,331, and analysts believe that Bitcoin's dominance may need to reach between 62% and 70% for altcoin season to begin.
Russia's cryptocurrency mining regulations come into effect, officially defining mining as a legal activity Russia's comprehensive cryptocurrency mining regulations came into effect on November 1, reforming the industry with strict energy caps, mandatory registration, and strict supervision. The law officially defines mining as a legal activity in Russia, sets safety and operational requirements for miners, and creates a structure for trading digital financial assets on specially approved platforms. Under the new regulations, only registered organizations and individual entrepreneurs can legally engage in cryptocurrency mining. The regulations also establish detailed reporting obligations for miners, requiring them to disclose the total amount of digital currency mined to the Federal Tax Service (FTS) and provide address identifiers for each transaction.
Whale panic sells 2,019 $BTC ($141.5M) again after today's $BTC price drop. Since October 1, this whale has sold a total of 5,506 $BTC ($366.9M) and currently holds 4,980 $BTC ($345.5M).
Ark Invest CEO Cathie Wood was asked in an interview with Bloomberg whether she is still confident in the goal of Bitcoin reaching $1 million.
Cathie Wood stated, "Yes, the greater the uncertainty and volatility in the global economy, the stronger our confidence in Bitcoin. One reason is that we have just experienced an inflation panic, which we believe is primarily due to supply chain issues, and Bitcoin is a hedge against inflation."