Today is November 1, 2024, Friday. In the past two days, the cryptocurrency market has seen a pullback, with Bitcoin's price oscillating around $69,500. The primary reason for this pullback is the increasing uncertainty surrounding the US elections. According to the latest news, Harris's approval rating has begun to surpass Trump's, causing the market to worry that Trump might lose. Personally, I believe that regardless of who wins the US election, it is beneficial for our cryptocurrency market. The recent frenzy of ETF purchases indicates that the US has a very positive attitude towards the cryptocurrency market. Although Harris currently has more votes than Trump, I still believe that Trump's chances of winning are slightly higher. After all, Trump is a businessman, and the previous bull market also relied on his contributions.
November will be the most crucial month of 2024, as the US elections are about to conclude, and there will also be a clear second interest rate cut. Moreover, there are only two months left until 2025, and November is filled with many news influences. You could say that every day there will be news affecting the market, which is quite rare in the cryptocurrency sphere. However, if all the news is positive, then the bull market is sure to ignite.
The monthly chart has closed, and although the market has slightly corrected in the past few days, Bitcoin overall performed well, closing above $70,000. This wave of Bitcoin has already touched around $73,600. Without discussing trend markets, I personally believe there is still a potential rally. Therefore, the current pullback undoubtedly provides us with an opportunity to enter. Last night, the Nasdaq index in the US plummeted by nearly 2%, and most tech stocks did not perform well either, with Coin dropping more than 10%. Additionally, the increasing uncertainty surrounding the US elections has led to a normal pullback in Bitcoin. Although the drop yesterday was significant, we can see from the inflow of ETFs that BlackRock is still firmly continuing to buy. I believe that in such an environment, BlackRock's steadfast bottom-fishing must have reasons we are unaware of. It is essential to remember that BlackRock is not an ordinary institution; various aspects of our lives are even connected to them.
This month there will be numerous news affecting the market trend. The first thing we need to pay attention to is the non-farm payroll data released by the US at 8:30 PM tonight, followed by the US elections on November 5th, and then the monetary policy meeting on November 8th. After that is the Ethereum Developer Conference on November 12th, followed by the CPI data on the 13th. Each of these is heavyweight news, so November is bound to have considerable volatility.
Since Ethereum fell to around $2,100 on August 1st, it has been adjusting for three months. The US elections will conclude on November 5th, and I hope Ethereum can welcome a turning point again. The recent rollercoaster trend has indeed been quite uncomfortable. Everything might welcome results in a few days, and perhaps around the 5th, we will see a turning point!
This morning, the A-share market opened relatively strong, and I firmly believe that the A-share market will experience a wave of upward movement. The results of the US elections should be announced next Tuesday at the latest by Wednesday. Essentially, if Trump wins, the cryptocurrency market will likely take off directly. However, if Trump loses, the market might correct for a while before continuing to rise. Personally, I am quite optimistic about the market trend in the near future, whether in the cryptocurrency sphere or A-shares. As for altcoins, continue to invest in CFX. Currently, there is no independent market trend; buy when no one is paying attention and sell when there is a lot of noise!
Another cryptocurrency that everyone can keep an eye on is EDU. Recently, after CZ was released from prison and gave an interview, he mentioned that one area he will focus on in the future is the education sector. Observing this project, its performance after launch has been relatively strong, and its price is not as exaggerated compared to some VC projects. Perhaps this is also due to the involvement of main players. I personally believe that it is still reasonable to allocate a portion of your investment.
Investing has risks, and the above content is for personal sharing only and does not constitute investment advice!
