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Crypto In Danger This Week: What Experts Fear

Mon 04 Nov 2024 ▪ 3 min read ▪ by Eddy S.
Learn Regulation Crypto

This week of November 4, 2024, is set 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.

Crypto Élection

A week under high tension for crypto

Three major events could lead to significant fluctuations in the crypto market and influence investors’ decisions.

  • The American presidential election (November 5, 2024)

The American presidential election is undoubtedly the most anticipated event of the week. The results of this election could significantly impact the crypto market. A victory for Donald Trump could lead to a period of deregulation favorable to cryptocurrencies, thus boosting their adoption and value.

On the other hand, a victory for Kamala Harris could imply stricter regulation, which could dampen investors’ enthusiasm. According to a recent survey, nearly 40% of young American adults own cryptos, showing the importance of this market for the electorate.

  • The publication of the FOMC minutes (November 6, 2024)

The Federal Open Market Committee (FOMC) will publish the minutes of its last meeting on Wednesday, November 6, 2024. This document is crucial as it provides indications on future monetary policies of the Federal Reserve (FED). Investors will closely scrutinize details regarding interest rates and economic support measures. An increase in rates could lead to a decrease in investments in risky assets like cryptos, while an accommodative monetary policy could have the opposite effect.

  • The speech of Jerome Powell (November 7, 2024)

The speech of Jerome Powell, chairman of the FED, scheduled for Thursday, November 7, 2024, is also a key event. Powell may provide indications about future directions of American monetary policy. His statements on inflation, interest rates, and economic stability will be particularly scrutinized by crypto investors. An optimistic speech could bolster investor confidence, while a more cautious tone could trigger massive sell-offs.

What direction will Bitcoin take?

According to analysts, the price of BTC could reach $100,000 after the American presidential election of 2024. A Trump victory would favor deregulation, thus boosting the crypto market. Meanwhile, a Harris victory could lead to stricter regulation, causing a price drop toward $50,000.

In summary, this week promises to be particularly volatile for the crypto market. Investors will need to remain vigilant and closely follow these major events to anticipate market movements.

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Eddy S. avatar
Eddy S.

Le monde évolue et l'adaptation est la meilleure arme pour survivre dans cet univers ondoyant. Community manager crypto à la base, je m'intéresse à tout ce qui touche de près ou de loin à la blockchain et ses dérivés. Dans l'optique de partager mon expérience et de faire connaître un domaine qui me passionne, rien de mieux que de rédiger des articles informatifs et décontractés à la fois.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.