This week of November 4, 2024 promises to be crucial for the crypto market, with several major events likely to cause significant fluctuations. Here is an overview of the main events to watch.
A week under high tension for crypto
Three major events could cause significant fluctuations in the crypto market and influence investor decisions.
- The US presidential election (November 5, 2024)
The US presidential election is arguably the most anticipated event of the week. The results of this election could have a significant impact on the crypto market. A Donald Trump victory could lead to a period of deregulation favorable to cryptocurrencies, boosting their adoption and value.
On the other hand, a victory for Kamala Harris could imply stricter regulation, which could dampen investor enthusiasm. According to a recent survey, almost 40% of young American adults hold crypto, showing the importance of this market to the electorate.
- Publication of FOMC minutes (November 6, 2024)
The Federal Open Market Committee (FOMC) will release the minutes of its final meeting on Wednesday, November 6, 2024. This document is crucial because it provides guidance on future monetary policies of the Federal Reserve (FED). Investors will carefully scrutinize details regarding interest rates and economic support measures. Rising rates could lead to fewer investments in risky assets like cryptos, while accommodative monetary policy could have the opposite effect.
- Jerome Powell's speech (November 7, 2024)
The speech by Jerome Powell, Chairman of the FED, scheduled for Thursday, November 7, 2024, is also a key event. Powell could give indications on the future directions of American monetary policy. His statements on inflation, interest rates and economic stability will be particularly scrutinized by crypto investors. Upbeat talk could boost investor confidence, while a more cautious tone could spark sell-offs.
What direction will Bitcoin take?
According to analysts, the price of BTC could reach $100,000 after the 2024 US presidential election. A Trump victory would promote deregulation, thus boosting the crypto market. While a Harris victory could lead to stricter regulation, causing prices to fall towards $50,000.
In short, this week promises to be particularly volatile for the crypto market. Investors will need to remain vigilant and closely monitor these major events to anticipate market movements.
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