The Week Ahead

The crypto markets are bracing for one of the most crucial weeks of the year, with speculations on the outcome of key events leading to considerable price declines. As a result, almost all major cryptocurrencies traded in the red at some point over the weekend. BTC slipped below $68,000, reporting a substantial decline from $73,500, while Ethereum (ETH) fell below $2,500 and dropped to a low of $2,412 before recovering. The drop in prices led to significant liquidations in the derivatives markets, with data from CoinGlass showing nearly $240 million liquidated from the markets, impacting over 100,000 traders, with the largest liquidation happening on OKX.

Sentiment on betting platforms like Polymarket added to the volatility. With the election just a day away, Polymarket reported a 6% decline for Republican candidate Donald Trump. Meanwhile, the upcoming FOMC meeting is scheduled for November 7. During the previous meeting, the committee slashed interest rates by 50 basis points, leading to a strong recovery in risk assets such as BTC. According to market watchers, investors anticipate another rate cut of 25 basis points following the November meeting. If the rates are slashed as expected, the crypto market could see another uptick in prices, thanks to increased demand for risk assets such as crypto.

Despite recent volatility and a price drop, the overall sentiment in the crypto market remains bullish.

#Write2Earn! #USElections2024Countdown #NovemberMarketAnalysis #TetherAEDLaunch $USDC $SOL $BNB