A few developments this week may stimulate the cryptocurrency market.
This week will be busy for Bitcoin, which surpassed the $ 37,000 level with the influence of the election in Argentina.
“The US Federal Reserve will share the minutes of its most recent meeting tomorrow, and that can often move the market,” said Simon Peters, market analyst at financial services company eToro. said.
“These minutes give a deeper insight into how the central bank is thinking,” Peters said. “With inflation slowing, investors want to see confirmation that interest rates have peaked.” he commented.
FxPro analyst Alex Kuptsikevich thinks there could be a correction in the markets before interest rates drop:
“The Fed typically begins a rate-cutting cycle only after a significant correction in the market. “Only turbulence in the stock market would trigger a cut in the first half of 2024.”
Chip giant Nvidia will announce its quarterly activity report on Tuesday. Peters also commented on the statement to be made by the giant supplier of the artificial intelligence industry. may affect the cryptocurrency market told.
According to Kuptsikevich, a general decline in the markets could mean “Bitcoin could fall below $30,000 before entering another bull cycle.”
In addition, Peters reminded that the markets in the USA will close on Thursday and Black Friday falls on this Friday. Peters will be on the market later in the week. liquidity may decrease He warned about.