Here’s what happened with Bitcoin’s record-breaking November

Most major cryptos have been marching higher but remain highly volatile.

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Bitcoin (CRYPTO: BTC) broke into new all-time highs in November.

The world’s first and biggest crypto, with a current market cap of US$1.2 trillion (AU$1.6 trillion) traded for a record US$68,790 on 10 November, according to data from CoinMarketCap.

Bitcoin kicked off November at US$60,629. And, depending on your time zone, the token ended the month worth US$58,120, down about 16% from its fresh record high.

Even with that retrace though, it still closed November up 99.8% from the US$29,087 it was worth on 1 January.

Here are some of the highlights from the month gone by.

What happened with Bitcoin in November?

On 3 November, the Commonwealth Bank of Australia (ASX: CBA) reported that was offering crypto services to its customers.

In doing so, CBA became the first Australian bank to enable its customers to buy, sell and hold cryptocurrencies via its app. Customers will be able to exchange Bitcoin and Ethereum (CRYPTO: ETH), among other leading cryptos. CommBank partnered with global crypto exchange Gemini and blockchain analysis firm Chainalysis for its new crypto service.

First crypto ETF hits the ASX

November also saw the first ASX listed crypto exchange traded fund (ETF) hit the boards. The BetaShares Crypto Innovators ETF (ASX: CRYP) launched on the ASX on 4 November. CRYP doesn’t invest directly in any cryptocurrencies, but rather aims to track the performance of an index providing exposure to global crypto-related companies.

A bit later in the month, the Bitcoin price spiralled higher ahead of its much-anticipated Taproot upgrade. Aside from improving the efficiency of transactions, the upgrade enables better smart contract capabilities, setting Bitcoin up as a more direct competitor to Ethereum. In a case of buy the rumour, sell the news, the price fell over the days immediately following the Taproot upgrade.

Bitcoin fails to live up to haven status in face of Omicron

In the final days of the month, crypto enthusiasts were faced with the reality that Bitcoin wasn’t living up to its status as a potential safe haven during times of market uncertainty, as the price tumbled alongside other risk assets when news of the COVID variant, Omicron, broke.

On 26 November, when investors feared Omicron could derail the global recovery, the gold price gained 0.8%. Bitcoin, on the other hand, tumbled 9.8% in less than 1 hour of trading.

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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Bitcoin and Ethereum. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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