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Home Cryptocurrency Bitcoin

rewrite this title with good SEO Bitcoin Markets Brace for US Election and Economic Data Amid Volatility – Crypto-News.net

Lucas by Lucas
November 4, 2024
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Bitcoin Markets Brace for US Election and Economic Data Amid Volatility

Bitcoin (BTC) markets are preparing for a potentially volatile week as several significant U.S. events are expected to influence investor sentiment. The cryptocurrency is trading below $70,000, with analysts suggesting that upcoming political and economic developments could impact its price trajectory.

U.S. Presidential Election Approaches

The United States is set to hold its presidential election on Tuesday, November 5, with Republican candidate Donald Trump and Democratic candidate Kamala Harris in a closely contested race. Prediction markets have shown fluctuating odds in recent days. On the blockchain-based betting platform Polymarket, Trump’s lead has narrowed from 67% to 54%, while Harris’s odds have increased accordingly.

Traditional polls also indicate a tight race. A recent ABC News/Ipsos poll from October 22 shows Harris leading with 51% compared to Trump’s 47%. The outcome of the election is expected to have significant implications for economic policy and regulatory environments, including potential impacts on cryptocurrency regulation.

Market analysts anticipate that the election results could lead to increased volatility in Bitcoin’s price. Mark Cullen, an analyst at AlphaBTC, commented, “I’m expecting this week to be a real firecracker, with lots of volatility. The key day will be Tuesday, as the U.S. election voting comes to a close. If there is no clear winner as the day progresses, it could get quite scary for Bitcoin.”

Economic Data Releases Ahead

In addition to the election, investors are closely watching upcoming U.S. economic data. On Thursday, November 7, the Department of Labor will release the initial jobless claims report, a key indicator of the labor market’s health. Last week’s report showed 216,000 new applications for unemployment insurance, down from 228,000 the previous week. Analysts expect the figure to rise slightly to 220,000.

A higher-than-expected number of jobless claims could signal economic hardship and a weakening labor market, potentially influencing investor behavior. Some may turn to alternative assets like cryptocurrencies as a hedge against economic uncertainty.

Federal Reserve’s Interest Rate Decision

Also on Thursday, the Federal Open Market Committee (FOMC) will release minutes from its latest meeting, followed by remarks from Federal Reserve Chair Jerome Powell. The Federal Reserve operates under a dual mandate to maintain inflation at around 2% and achieve full employment.

In its previous meeting, the Fed reduced interest rates by 50 basis points as inflation eased to 2.4%. Economists are speculating about the possibility of another rate cut, given that inflation is approaching the Fed’s target and the unemployment rate has risen from 3.7% to 4.1% this year.

The CME FedWatch Tool indicates a 99.9% probability of a 25 basis point rate cut in the upcoming announcement. Further rate cuts could affect the U.S. dollar’s strength and potentially bolster Bitcoin’s appeal as an alternative asset.

Bitcoin’s Recent Price Movements

Bitcoin has experienced significant price fluctuations in recent days. After reaching a high of nearly $73,000 on October 29, the cryptocurrency dipped below $68,000 over the weekend. This decline coincided with the tightening presidential race and increased uncertainty regarding the election outcome.

Total cryptocurrency market liquidations exceeded $315 million in the past 24 hours, according to data from CoinGlass, with long positions accounting for $250 million of the total. Bitcoin positions made up over $76 million of the liquidations.

Despite the recent dip, some analysts remain optimistic about Bitcoin’s long-term prospects. Spotonchain anticipates further upside after the U.S. elections and the FOMC meeting, setting a price target of $100,000 in 2024. “Historically, the real bull run begins post-election, and we believe that whether Trump or Harris becomes the next president, BTC will continue its upward journey,” Spotonchain stated.

As of the time of writing, Bitcoin is trading at approximately $63,145, showing signs of recovery from its weekend lows.

Market Outlook

The convergence of the U.S. presidential election, key economic data releases, and central bank policy decisions is creating an environment of uncertainty and potential volatility in the cryptocurrency markets. Investors are advised to monitor developments closely, as outcomes from these events could have significant implications for Bitcoin and the broader crypto market.

The convergence of the U.S. presidential election, key economic data releases, and central bank policy decisions is creating an environment of uncertainty and potential volatility in the cryptocurrency markets. Investors are advised to monitor developments closely, as outcomes from these events could have significant implications for Bitcoin and the broader crypto market.

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