The Bitcoin price is boring again, like an uncle throwing crackers at a family party. However, this may change in the next week. There are two reasons.
Bitcoin price today
Currently, the cryptocurrency market is once again… boredom. Anyway, just look at the chart:
Fake news (there are many indications of this) that he “planted” Wall Street Journalit didn’t work. The newspaper suggested that the US authorities were taking a closer look at Tether’s activities. The company’s CEO quickly denied everything. Then there was an Israeli missile attack on Iran, but that too was shattered.
Currently, 1 BTC costs just over USD 67,000, which is the same as yesterday and about 2% less than a week earlier.
What are we waiting for?
The market is waiting for two events that will take place in just over a week. First of all, on November 5, Americans will elect a president for another term. If Donald Trump wins, we will probably face a sharp upward trend. Kamala Harris’ win may initially dampen the gains, but it won’t end them. The chart illustrates this well:
In 2020, Americans elected their president on November 3. In the chart above, I have marked this period with the cursor. As you can see, the growth in cryptocurrencies began just when voters in the US were deciding who they would give the White House for 4 years. Then Joe Biden won.
These elections are different because there is a clear division between Republicans who support bitcoin and Democrats who are more skeptical about cryptocurrencies. This time, in the short term, who will be the US president may be important. On the other hand, it is worth emphasizing: it was during the Democratic government that the BTC and ETH ETFs were created, so Harris as president does not mean a crash on the bitcoin market. Trump’s victory may simply fuel the growth more.
The Fed will decide
Apart from the elections, we also have another Fed meeting. On November 7, Jerome Powell and his colleagues will have to make a decision on interest rates. The probability of cutting by 25 bp is just over 95% and leaving them at the current level – 4.9%.
There are many indications that the central bank authorities will continue the policy of reductions, although it will not be aggressive.
To sum up: the BTC rate will now be influenced mainly by news from the USA – the election of the president and the Fed’s policy. In the long term, the situation on the chart does not look bad, but whether Trump or Harris wins the election overseas may affect the level of growth.
The text does not constitute investment advice.
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