Bitcoin (BTC) reached a high of $37,878.59 in the last seven days.

Bitcoin (BTC), the world’s oldest and most valuable cryptocurrency, surpassed the $37,000 mark this morning. This increase in Bitcoin’s value corresponded with the good outcome of the Argentine presidential election, in which Javier Milei (known for his pro-Bitcoin position) was successful. Meanwhile, Ethereum (ETH) saw a significant increase, topping the $2,000 milestone. The increase in the value of Ethereum was ascribed to increasing market interest following Fidelity’s stated intention to develop an Ethereum exchange-traded fund (ETF).

Before we continue, readers should be aware that the general crypto market and coin prices are quite volatile. There are no surefire strategies for predicting how cryptocurrencies will behave in the future. This article is intended to help investors stay current on market scenarios and major events that have already occurred, as well as some impending events worth mentioning. Before making any investment decision, investors should conduct their own research.

Cryptocurrency Prices in the Last Week

The global crypto market cap was $1.42 trillion on Monday (November 13). BTC was trading about $37,030, while ETH was trading around $2,040.

A week later, the whole market capitalization had fallen to $1.41 trillion.

Check Out Today’s Top Crypto Prices

DeFi’s total volume is $4.51 billion, accounting for 11.35 percent of overall market 24-hour volume. In the case of stablecoins, the total volume is $34.94 billion, accounting for 87.93% of the total 24-hour market volume. According to CoinMarketCap, the overall market fear and greed index stood at ‘Greed’ with 74 points (out of 100), indicating continued investor confidence when compared to the previous week.

At the time of writing, BTC had 51.41 percent of the market.

Bitcoin reached a high of $37,878.59 (on November 16) and a low of $35,134.67 (on November 15) in the last seven days.

In contrast, Ethereum reached a high of $2,115.78 on November 13 and a low of $1,916.01 on November 17.

Notable Crypto Events

Javier Milei is certain to become Argentina’s next president, after his competitor Sergio Massa conceded defeat on Sunday evening, claiming “Argentines chose another path.” According to Bloomberg, Milei has 56% of the vote with nearly 87 percent of the votes counted, while Massa has 44%. The cryptocurrency market reacted to this political change, with bitcoin (BTC) rising significantly late Sunday afternoon on the back of Milei’s good performance.

Following Massa’s surrender, Bitcoin’s value has increased by roughly 3% in the last 24 hours, reaching $37,350. Earlier this year, Milei stated about the central bank, “We have to understand that the central bank is a scam.” When asked about Bitcoin, he underlined its relevance as a symbol of money being returned to its original originator, the private sector. While Milei has campaigned for the abolition of Argentina’s central bank and the dollarization of an economy reeling from 142 percent inflation in October, he has not specifically recommended making Bitcoin legal tender at this time.

Furthermore, Ethereum is experiencing an unusual price increase. In a filing on Friday, banking behemoth Fidelity stated its intention to launch an exchange-traded fund (ETF) centred on Ethereum’s ether (ETH), replicating rival BlackRock’s expansion into the cryptocurrency industry.

The proposed Fidelity Ethereum Fund will be listed on a Cboe Global Markets-affiliated exchange. Cboe Global Markets made the filing public, revealing the plans for this possible offering. The destiny of the ether ETF, including Fidelity’s and others such as BlackRock’s, is dependent on the Securities and Exchange Commission (SEC), which must approve these investment vehicles. Earlier this month, BlackRock announced its own ETF proposal, adding to the growing interest in bitcoin investment prospects.

Finally, the US Securities and Exchange Commission (SEC) has announced a delay in the decision-making process on the approval of spot Bitcoin ETF applications from Franklin Templeton and Global X. Due to the delays, the SEC has extended the deadlines for Franklin Templeton and Global X, which were set for today and November 21, respectively, into early 2024.

The decision-making delay was not wholly unexpected, given expectations for spot Bitcoin ETF approvals this week were already low. Bitcoin’s (BTC) current trading value is $36,450, representing a slight rise for the day.