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US election and Fed meeting shake up week for the crypto market
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The crypto market retreated last weekend, after a week of highs driven by Bitcoin. With the US presidential election this Tuesday (5), analysts predict more volatility in the coming days.
In the market, expectations vary between a positive scenario for crypto assets with a possible victory for Donald Trump and a possible downturn if Kamala Harris wins.
In addition to the election, the economic agenda brings other important events that should influence the market, such as a Federal Reserve meeting and the release of significant economic reports, increasing the climate of uncertainty.
Last week, the PCE Central price index report contributed to the withdrawal of gains in the crypto market. This is because the report cast doubt on interest rate cuts by the Fed. Now, this Tuesday, the Institute for Supply Management (ISM) will release the Purchasing Managers’ Index (PMI) for the services sector, which indicates business conditions in U.S. services, a crucial metric for economists and investors seeking to understand changing economic conditions.
Important economic events between November 4th and 8th
On Thursday, the US will release new data on the labor market. Highlights will be employment reports and other data that should offer insight into the economic health and labor market conditions in the country.
Later on Thursday, the Federal Reserve will announce its interest rate decision. There is an expectation of a cut of 0.25 percentage points. Market tools, such as the CME Fed Watch, indicate a 98% chance for this reduction.
On Friday, the US will release the preliminary Michigan Consumer Sentiment Indexes and Consumer Inflation Expectations for November, revealing US consumers’ outlook for future inflation and confidence.
This series of events leads many analysts to classify this as the busiest week of the year for the market. After all, investors can seek to reduce risks while preparing for volatility.
After a US$50 billion drop in market value over the weekend, the total cryptoactive market registered a capitalization of approximately US$2.4 trillion this Monday morning.
Bitcoin price fell to $67,570 on Sunday, its lowest level in a week. However, Asian traders managed to push the value close to $69,000 on Monday morning. Ethereum registered an even more negative performance, reaching US$2,400 before a slight recovery. Other altcoins also remain in decline as the market waits for a busy week.
US election and Fed meeting shake up week for the crypto market
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US election and Fed meeting shake up week for the crypto market
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US election and Fed meeting shake up week for the crypto market
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US election and Fed meeting shake up week for the crypto market
