Bitcoin (BTC) has recently caught the attention of traders with its price movements. The leading cryptocurrency saw an 8% surge, surpassing the $73,000 mark, which generated excitement among traders. However, Bitcoin has since experienced a slight retreat and is currently trading around $72,000.
There are several factors contributing to the rise in Bitcoin’s price. One major factor is the strong demand for spot Bitcoin ETFs in the U.S. Additionally, major economies have initiated a new monetary expansion cycle, further boosting Bitcoin’s value. Furthermore, the increasing chances of a crypto-friendly candidate, Donald Trump, winning the U.S. presidential elections have also played a role in Bitcoin’s rise.
Many believe that critical states in the U.S., such as Nevada and Pennsylvania, will have a significant influence on the election outcome. As the presidential race approaches its conclusion next week, the markets are eagerly awaiting to see if the momentum, known as the “Trump Trade,” will continue or if unexpected developments will arise.
The upcoming release of non-farm payroll data, a crucial indicator of the U.S. labor market, is set to shape market expectations. Market forecasts suggest an employment increase of approximately 110,000, which is about half of the previously reported figure. This data will provide insights into the likelihood of a rate cut ahead of the Federal Reserve (Fed) meeting next week. Currently, there is a 96.5% estimated probability of a 25 basis point rate cut in November, with expectations for another cut in December standing at around 75%. The labor market data will play a crucial role in confirming these expectations.
In addition, this week will see the announcement of quarterly results from tech giants such as Alphabet, Apple, Meta, Amazon, and Microsoft. These companies are expected to show an average profit increase of around 19-20%, although this represents the slowest growth rate in the last six quarters. The impact of these upcoming earnings reports on the stock markets remains uncertain, but they will serve as significant indicators for overall market sentiment. Moreover, these results are anticipated to have an influence on the cryptocurrency market.
It is important to note that the information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and conduct their own research. Stay updated with the latest news through our channels on Telegram, Facebook, Twitter, and Coinmarketcap.
