In the crypto market report prepared by the ICRYPEX Research team and covering the week of October 30 – November 6, we have compiled the latest developments on crypto assets, price movements of crypto assets and macroeconomics.
You can take a look at the general flow of this report just below, and you can find all the developments that took place in the 7-day period in the Weekly Crypto Market Reports: October 30, 2023.
October 30th Weekly Crypto Market Report Overview
In the last week, which was very busy in macroeconomic terms, there were also important developments in crypto assets.
Bitcoin fell below the 34,000 level with the correction movement of the previous week’s rise
while Ethereum gave a more solid image around the $ 1800 level.
When we look at macroeconomic developments, employment data from the US and the FOMC meeting held on Wednesday were seen as the most important headlines. While the US interest rate was left unchanged at 5.50%, Fed Chairman Powell’s speech after the decision was more interesting for the market. Powell said that the fact that the interest rate has been stable for 3 months does not mean that there will be no rate hike in the coming months. Stating that they are still far from their inflation target, Powell added that they have not yet made a decision for the next meeting. Although Powell mentioned the possibility of a rate hike, his speech was perceived as more dovish. This triggered a rise in risky assets. Apart from Powell’s speech, another important headline was the employment data.
Four of the five major data releases last week signaled a deterioration in the labor market. Especially in the Non-Farm Payrolls data released on Friday, although the expectation was almost half of the previous month, the fact that the data was also below expectations had a positive effect.
Apart from macroeconomic data, there were important developments regarding crypto assets. During Sam Bankman-Fried’s trial, the jury found SBF guilty on seven counts. Apart from these, the ETF process continues to evolve, and projects spent the week adding to their technologies and collaborations.
we’ve left it behind.
For a more comprehensive look at the week from October 30th to November 6th, check out the Weekly Crypto Market Reports: October 30, 2023.
