The global crypto market is currently retracing from last week’s bullish outcome. The previous week, Bitcoin led a rally that positioned most tokens in greens. Bitcoin rose to a high of $73.2k, almost nearing its all-time high of $73.6k. The crypto market lived up to the “uptober” standard right at the end of the month.
However, November comes with key events that will shape the movement of the crypto market, at least in the short term, including the U.S. elections, the Fed interest rate decision, and other economic events. A Trump win in the coming election would likely benefit the crypto market, conversely, a Harris win might reflect a general downward trend in the market.
“The Busiest Week of the Year”
Last week, the crypto market movement was mostly influenced by the latest Core PCE report, the Federal Reserve’s measure of inflation.
The busy week will begin with the much-anticipated U.S. elections scheduled to happen on Tuesday, November 5, 2024. The build-up to this election has been particularly interesting for the crypto market. Key industry figures and other market investors have rallied behind the candidate who seems to be more crypto-friendly.
Key Events This Week:1. U.S. Presidential Election – Tuesday2. ISM Non-Manufacturing PMI data – Tuesday3. Initial Jobless Claims data – Thursday4. Fed Interest Rate Decision – Thursday5. MI Consumer Sentiment data – Friday6. ~15% of S&P 500 companies report earnings…
— The Kobeissi Letter (@KobeissiLetter) November 3, 2024
Several huge donations have been made through the Political action committee (PAC) to advance their campaign. The big day is almost here, and the result will significantly affect the general crypto market movement.
On the same day as the election, October’s ISM Services PMI data report will be released. This report demonstrates how businesses are fairing in the United States service sector. Notably, economists and analysts use this indicator to understand the changing economic conditions.
On Thursday, November 7, some jobs and employment data will be presented in the initial jobless claim report. This will help to gain insight into the condition of the labor market and the general economic direction.
On the same day, the Federal Reserve will decide on its rate policy. Recall that the crypto market reacted positively to a 50bps cut by the Fed in the previous month. The CME Fed Watch tool reflects a 99.9% probability of a 0.25bps rate cut.
Notably, the Kobeissi Letter has called this week, the “busiest week of the year,” reflecting key activities that could shape both the economic and financial sector in the country.
General Market Overview
Meanwhile, the global crypto market is currently moving in mixed patterns. Some of the tokens are showing green movements, while others are hovering in the red. The flagship cryptocurrency, Bitcoin, has spiked by 0.52% in the last 24 hours to trade at $68,900.
Also, the second-largest cryptocurrency by market cap, Ethereum (ETH), has recorded a marginal increase of 0.81% to change hands at $2,470. The general altcoin market has been gradually declining in the last few days, It will be interesting to watch how it all plays out at the end of this week.
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