This week, one of the most pivotal periods of 2024 unfolds for the crypto market. With a packed schedule, including the U.S. presidential election, unemployment claims, and the FOMC meeting, market volatility could surge. Adding to the global economic pulse, key data will be released from the UK, China, and South Korea, with all eyes especially on the heated race between Donald Trump and Kamala Harris for the U.S. presidency.
U.S. Elections Stir Up Market Uncertainty
On Tuesday, November 5, voters will decide between Republican candidate Donald Trump and Democratic candidate Kamala Harris in a tight race. According to Polymarket, Trump holds a slight lead, while Kalshi’s data shows him ahead by 52%. The narrow margin hints at potential market swings depending on the outcome.
Election results are expected to significantly influence U.S. economic and crypto regulations. AlphaBTC analyst Mark Cullen cautions, “Tuesday will be a volatile day. If the result is unclear, we might see heightened tension for Bitcoin (BTC).” Investors are bracing for possible price turbulence linked to the election’s outcome.
FOMC Meeting and Economic Data in Focus
Following the election, attention will shift to U.S. unemployment claims on November 7, with economists projecting 220,000 new filings. Higher-than-expected claims could signal economic stress, potentially driving investors towards alternative assets like crypto.
Advertisement Banner
The FOMC meeting later on November 7 is also critical, with a possible 0.25% interest rate cut on the table as the Consumer Price Index nears its 2% target. With unemployment rising from 3.7% to 4.1% since the year’s start, the likelihood of a rate cut has grown, adding to market anticipation. CME’s Fed Watch Tool shows a 99.9% probability of a cut, and statements from Fed Chair Jerome Powell will be closely watched for insights on the economy and potential crypto market impacts. A rate cut could spur growth in crypto, possibly lifting Bitcoin’s price.
Market Expectations: Can Bitcoin Reach $100,000?
Currently trading at $68,000, Bitcoin could have a clear path to $100,000 by year-end. According to Spotonchain, historical data suggests a post-election bull market. “Regardless of who wins, we expect BTC to continue rising,” Spotonchain stated, implying this week’s volatility could be the start of a long-term rally. If supported by the FOMC rate cut, Bitcoin and other cryptocurrencies could enter a broader uptrend.
Global Developments to Watch
Beyond the U.S., global events may also affect Bitcoin and altcoin markets. On November 7, South Korea’s new cryptocurrency committee will meet for the first time, potentially shaping future regulatory frameworks. The Bank of England’s interest rate decision is due the same day, and on November 8, China is expected to announce a $1.4 trillion economic stimulus package.
With an international economic agenda that could alter the crypto landscape, investors are keeping a close watch on these developments. The Bit Journal will continue to provide insights on how these events impact the crypto market.
- https://twitter.com/Thebitjournal_
- https://www.linkedin.com/company/the-bit-journal/
- https://t.me/thebitjournal
Follow us on Twitter and LinkedIn and join our Telegram channel to be instantly informed about breaking news!
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.
