One of the most important BITCOIN upgrades is coming.
Yes gentlemen, we had not had a major update on BITCOIN since 2017, although, at that time it was a Hardfork and not an upgrade.
However, it is still a very important update and could, although I do not expect it, have any consequence in the normal operation of the blockchain.
This upgrade, called "Taproot", has not had a great media impact but it will really mean a great step forward to provide functionality at the level of smart contracts with which BITCOIN will no longer be considered only as a Reserve of value but also as a real competitor of Ethereum and other blockchains whose main functionality is programmable "smart contracts".
This upgrade will also bring other improvements so that BITCOIN is even more private and faster making transactions...
(Source)
I will not go into more details but it is clear that it is a very important update that, over time, will put in check many DeFi that run on ETH... DeFi on BITCOIN will be possible without having to do the work of having to do Pegged tokens instead of using BTC natively.
I suspect that the market today is waiting for this Upgrade to be deployed. The uncertainty is great, especially in large accounts and it is normal to be cautious when there is a change in the algorithm that commands everything.
The upgrade is expected to occur around 1:00 UTC on Saturday, Nov. 13 according to some source...
Let's see how the market reacts, my guts tell me that tomorrow is going to be a great day... or so I hope.
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
