FOMC

Donald Trump

Jerome Powell

This week, one of the most pivotal periods of 2024 unfolds for the crypto market. With a packed schedule, including the U.S. presidential election, unemployment claims, and the FOMC meeting, market volatility could surge. Adding to the global economic pulse, key data will be released from the UK, China, and South Korea, with all eyes especially on the heated race between Donald Trump and Kamala Harris for the U.S. presidency. 
<a href="https://www.qubetics.com/?utm_source=TBJ&amp;utm_medium=postBANNER" target="_blank" rel="noopener nofollow"><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-51679 aligncenter" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/10/Qubetics-is-728x90-1-3.jpg" alt="A Historic Week Ahead: Crypto Investors Eye FOMC and These 5 Major Events = The Bit Journal" width="728" height="90" title="A Historic Week Ahead: Crypto Investors Eye FOMC and These 5 Major Events 46"></a> 
<h2 id="u-s-elections-stir-up-market-uncertainty">U.S. Elections Stir Up Market Uncertainty</h2> 
On Tuesday, November 5, voters will decide between Republican candidate Donald Trump and Democratic candidate Kamala Harris in a tight race. According to Polymarket, Trump holds a slight lead, while Kalshi’s data shows him ahead by 52%. The narrow margin hints at potential market swings depending on the outcome. 
Election results are expected to significantly influence U.S. economic and crypto regulations. AlphaBTC analyst Mark Cullen cautions, “Tuesday will be a volatile day. If the result is unclear, we might see heightened tension for Bitcoin (BTC).” Investors are bracing for possible price turbulence linked to the election’s outcome. 
<h2 id="fomc-meeting-and-economic-data-in-focus">FOMC Meeting and Economic Data in Focus</h2> 
Following the election, attention will shift to U.S. unemployment claims on November 7, with economists projecting 220,000 new filings. Higher-than-expected claims could signal economic stress, potentially driving investors towards alternative assets like crypto. 
<img loading="lazy" loading="lazy" decoding="async" class="alignnone size-full wp-image-66128" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/11/A-Historic-Week-Ahead_-Crypto-Investors-Eye-FOMC-and-Major-Events-with-a-focus-on-Bitcoin-U.S.-election-symbols-e.g.-Am.webp" alt="A Historic Week Ahead: Crypto Investors Eye FOMC and These 5 Major Events = The Bit Journal" width="1792" height="1024" title="A Historic Week Ahead: Crypto Investors Eye FOMC and These 5 Major Events 47"> 
The FOMC meeting later on November 7 is also critical, with a possible 0.25% interest rate cut on the table as the Consumer Price Index nears its 2% target. With unemployment rising from 3.7% to 4.1% since the year’s start, the likelihood of a rate cut has grown, adding to market anticipation. CME’s Fed Watch Tool shows a 99.9% probability of a cut, and statements from Fed Chair Jerome Powell will be closely watched for insights on the economy and potential crypto market impacts. A rate cut could spur growth in crypto, possibly lifting Bitcoin’s price. 
<h2 id="market-expectations-can-bitcoin-reach-100-000">Market Expectations: Can Bitcoin Reach $100,000?</h2> 
Currently trading at $68,000, Bitcoin could have a clear path to $100,000 by year-end. According to Spotonchain, historical data suggests a post-election bull market. “Regardless of who wins, we expect BTC to continue rising,” Spotonchain stated, implying this week’s volatility could be the start of a long-term rally. If supported by the FOMC rate cut, Bitcoin and other cryptocurrencies could enter a broader uptrend. 
<h4>Global Developments to Watch</h4> 
Beyond the U.S., global events may also affect Bitcoin and altcoin markets. On November 7, <a href="https://thebitjournal.com/south-korean-giant-upbit-halts-transactions-for-three-altcoins-delists-another/" target="_blank" rel="noopener">South Korea</a>’s new cryptocurrency committee will meet for the first time, potentially shaping future regulatory frameworks. The Bank of England’s interest rate decision is due the same day, and on November 8, China is expected to announce a $1.4 trillion economic stimulus package. 
With an international economic agenda that could alter the crypto landscape, investors are keeping a close watch on these developments. The Bit Journal will continue to provide insights on how these events impact the crypto market. 
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A Historic Week Ahead: Crypto Investors Eye FOMC and These 5 Major Events

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