In the crypto market report covering the week of October 28 – November 4, prepared by the ICRYPEX Research team, we compiled the current developments on crypto assets, the price movements of crypto assets and the macroeconomy.
You can take a look at the general flow of this report below, and access all the developments that took place in the 7-day period in the Weekly Crypto Market Reports: October 28, 2024.
Overview of the Weekly Crypto Market Report for October 28
Cryptocurrencies, like all financial markets, have spent the last two weeks depending on the developments in the United States. In addition to the employment, inflation and growth data in the US last week, the developments before the presidential election to be held on Tuesday and the FED meeting to be held on Thursday had an impact on pricing.
After reaching $ 73,000 in this process, Bitcoin realized the week at the level of $ 68,775, while altcoins completed this process with regular value losses. Ethereum retreated to the $2400 levels, while Bitcoin dominance rose to 60.5%.
Looking at the data received last week, we came across very important data from both the USA and Europe. On the US side, the Non-Farm Payrolls data, which was announced at the level of 10,000, especially with the effect of hurricanes and strikes, increased the probability of a 25 basis point reduction to 100% at the meeting on Thursday. Looking at Europe, inflation data coming above expectations may cause some slowdown in interest rate cut expectations. However, data from the US will of course have a greater impact on cryptocurrencies.
Returning to the elections, we see that Trump, who is far ahead on sites such as Polymarket and PredictIT, has also taken the lead on more reputable sites such as RCP at the beginning of the week. While this helped the positive pricing seen until Thursday, the Harris increase seen over the weekend also led to a clear decline in prices. In the shared reports, it is stated that 5-6 of the 7 states have been clarified in the middle regions, which are referred to as swing states, but the state of Pennsylvania will be decisive in the election results. In the current polls, Trump still appears to be ahead in that region.
Another important topic, the FOMC meeting, will take place on Thursday. While a 25 basis point cut is considered certain, it is stated that Powell’s speech after the announcement of the decision could have a big impact on prices. The general expectation is still that another 50 basis point cut will be seen by the end of 2024.
Those who want to get more comprehensive information about the week covering October 28 – November 21 can review the Weekly Crypto Market Reports: October 28, 2024.
