The crypto market is looking at a very Volatile week due to two major events with potential to seriously affect the price of crypto assets in the markets.
The crypto market slowed down over the weekend following a week characterized by Bitcoin Rally and other Altcoins also surging in Price value.
This week is set to be a very eventful week for the crypto markets due to two major events slated for the week and a host of other minor events with significant potential to affect the price of crypto assets.
The two events slated for this week with the potential to bring volatility to the market include:
1. The US Presidential Elections
2. The Federal Reserve Policy meeting
The US presidential election
The United States Presidential election slated to hold tomorrow Nov 5 is a massive event with far-reaching implications for both the crypto market this week and the industry’s future as a whole. Cryptocurrency was a front-burner issue during the campaign but only one candidate embraced the industry wholeheartedly and earned himself the nickname the Crypto candidate.
- Donald Trump warmed his way into the heart of the US crypto community promising to launch a strategic Bitcoin reserve if elected and to see that America leads the global charge of cryptocurrencies. A win for Donald Trump is seen as a win for the crypto industry and a bullish factor.
- However, a win for Kamala Harris is viewed to have the opposite effect giving the mixed signals the Joe Biden and the Kamala Harris administration have been giving the crypto community throughout its course.
The outcome of the US presidential elections is also expected to spell the direction of the future of the crypto industry in the country.
2. The Federal Reserve Policy meeting
The Federal Reserve will make its rate policy decision on Thursday, and analysts are overwhelmingly expecting a 0.25 basis point cut. The CME Fed Watch tool estimates this at 98% probability. This particular metric is always a measure of inflation in the economy and this has a direct effect on how much investors are willing to invest in the crypto market.
Other minor events with the potential to add to market volatility lined up for the week include October’s ISM Services PMI report which depicts business conditions in the US services sector and November’s Michigan Consumer Sentiment Index and Consumer Inflation Expectations.
What to Know
- In preparation for the important week, the crypto market has been undergoing various price corrections. Markets retreated over the weekend, with total capitalization dropping around $50 billion to $2.4 trillion by Monday morning.
- Bitcoin is currently exchanging hands for $68,562 surging by just 0.6% in the last 24 hours.
[Nairamtrics]