Bitcoin (BTC) is busy climbing to three-week highs on October 26. Dove signals from the Fed weakened the dollar as Ethereum hit its highest level since the merger. The European Central Bank rate decision of October 27 will be the next turning point for Bitcoin, ADA, SHIB and ETH.
Cryptocurrency market is preparing for the European Central Bank’s interest rate decision
The European Central Bank (ECB) will announce another rate hike decision on October 27. As the region is currently in recession, market players are focusing more on the other two policy instruments. The central bank says inflation is at record levels, but the economy is slowing, and many economists are predicting a recession before the end of the year. It also risks getting the economy into more trouble if it takes a very aggressive stance on raising interest rates to deal with inflation.
In this context, the ECB is expected to raise interest rates by 75 basis points at the end of this week. A decision to that effect would be the second consecutive major increase and the third this year.
Second date: Fed meeting on November 2
Meanwhile, after the ECB’s meeting tomorrow, all eyes will be on Fed rates on Nov. Similar to the European Central Bank (ECB), the Fed is expected to raise interest rates by 75 basis points.
Bitcoin rises to $20,000 before interest rates
Bitcoin price has shown significant bullish momentum over the past 24 to 30 hours. This triggers a massive rally for many altcoins. After consolidating around $19,000 for about three weeks, BTC is now more volatile. This increase cut the 30-day and 50-day EMAs at $19,520 and $19,793 respectively. In particular, it is a big improvement in terms of market structure as it indicates the potential end of the consolidation regime.
Ethereum, on the other hand, performs more dominantly than Bitcoin. In addition to the over 5% rally in the market, altcoins like Ethereum and Cardano gained double digits. According to data from Santiment, Ethereum recorded a significant token exchange between whale addresses on the network on October 20. Following this, ETH price continues the current rally above $1,500. cryptocoin.comAs you follow, ETH is currently trading at $1,517.
Eyes now on the ECB’s interest rate decision tomorrow
Prior to the European Central Bank’s interest rate decision, volatility in exchange rates, including the cryptocurrency market, increased. This week, all eyes are on a series of important meetings with the Eurozone (ECB), Japan (BoJ), Canada (BoC), Brazil (BcB) and Russia (CBR).
A rate hike of at least 75 basis points is expected within the European Central Bank tomorrow. Thus, the ECB is expected to raise interest rates again, approaching 2% to rein in inflation. Canadian and Brazilian central banks will announce their interest rate decision today. Japan and Russia’s decision will be announced on Friday.
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