{"id":39672,"date":"2022-11-07T20:36:13","date_gmt":"2022-11-08T00:36:13","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=39672"},"modified":"2022-11-07T20:36:17","modified_gmt":"2022-11-08T00:36:17","slug":"things-to-expect-from-the-crypto-market-this-week","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/things-to-expect-from-the-crypto-market-this-week\/","title":{"rendered":"Things to expect from the crypto market this week\u00a0"},"content":{"rendered":"\n

The crypto market is poised to enter a potentially crucial week. While the market is now preoccupied with the feud between Binance CEO Changpeng Zhao (“CZ”) and FTX CEO Sam Bankman-Fried<\/a> (“SBF”), the midterm elections, and the release of CPI data, these might have a massive impact on the market.<\/p>\n\n\n\n

\"The
The crypto weekly market overview<\/figcaption><\/figure>\n\n\n\n

According to Bitcoinist, CZ said on Sunday that Binance would sell all of its FTT tokens, which indicates FTX's finances are in trouble.\u00a0<\/p>\n\n\n\n

Despite the fact that FTX and Alameda have refuted the accusations, FTT is currently seeing significant selling pressure in the crypto market.<\/p>\n\n\n\n

According to some analysts, this “FUD<\/a>” will have a huge impact on the markets. As of the time this article was written, the price of Bitcoin had dropped below $21,000, which had broken last Friday and hasn't been done since mid-September.<\/p>\n\n\n\n

\"3-hours-chart
3-hours-chart of bitcoin Dropping below $21,000 support\u00a0<\/figcaption><\/figure>\n\n\n\n

Crypto market ahead of midterm elections<\/h2>\n\n\n\n

Tomorrow, Tuesday, midterm elections will be held in the United States to determine the future composition of Congress. According to Bloomberg, the stakes are enormous for the Bitcoin and cryptocurrency communities.<\/p>\n\n\n\n

While the crypto sector awaited clear legislation in 2022, a number of bills that could have advanced the business were submitted. However, political conflicts between legislators and lobbyists and time constraints prevented passage.<\/p>\n\n\n\n

Experts predict that the discussion will continue until 2023 unless a crypto bill is tied to a government funding package or another bill that must pass. Bloomberg reports that “this makes midterm elections more critical than ever”.<\/p>\n\n\n\n

According to current forecasts, the Republicans could retake both the House and Senate, which could be advantageous for the cryptocurrency business. <\/p>\n\n\n\n

Republican Cynthia Lummis and Tom Emmer are two of the crypto industry's most ardent supporters. Moreover, Bloomberg estimates:<\/p>\n\n\n\n

A Republican-controlled Congress would also likely exert pressure on agencies, like the SEC<\/a> \u2014 which the sector has tasked with regulating through enforcement \u2014 to soften their stance against cryptocurrency firms.<\/p>\n\n\n\n

CPI data release on Thursday<\/h2>\n\n\n\n

It is unknown whether there will be a positive short-term influence on the market, but it appears unlikely.<\/p>\n\n\n\n

 Instead, the 10th of November will likely be the focal point. On this date, the most recent Consumer Price Index (CPI) will be made public.<\/p>\n\n\n\n

\u00a0During the most recent FOMC<\/a> meeting of the U.S. central bank, Jerome Powell frequently emphasized that data must be collected prior to determining the next interest rate policy movements. Thursday may be a critical day for the stock market in this sense.<\/p>\n\n\n\n

If inflation turns out to be larger than expected, the markets may respond by selling riskier assets. Conversely, if a significant decrease in inflation is disclosed, a fresh recovery rally may commence in expectation of the FED stopping its rate hike cycle.<\/p>\n\n\n\n

At this time, the core CPI, which measures the change in the price of goods and services excluding the food and energy sectors, may be even more significant than the CPI.\u00a0<\/p>\n\n\n\n

If both the producer pricing index (PPI) and the core consumer price index (CPI) decreased on November 15 following a three-month rise, this might be a significantly bullish indicator for the markets.<\/p>\n\n\n\n

In earlier crises, including the 1970s, 1980s, and 2008, the PPI served as an early indicator of decelerating inflation, prompting the FED to alter its stance on interest rates. <\/p>\n\n\n\n

Consequently, a fall in the CPI and core CPI may portend a near-term shift in the Bitcoin and cryptocurrency<\/a> markets.<\/p>\n\n\n\n

Price Analysis for BTC\u00a0<\/h2>\n\n\n\n
\"\"<\/figure>\n\n\n\n

The chart<\/a> shows that BTC has generated a new demand zone at $20,000 above the 50-day EMA (Exponential Moving Average).\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a><\/p>\n\n\n\n

As a result of last week's FOMC results, BTC experienced a dramatic surge in trading volume, leading investors to believe it is forming an uptrend.<\/p>\n\n\n\n

However, it is crucial for BTC to maintain its support of around $20,000 this week, as the CPI news outcome might alter the entire direction of the cryptocurrency market and produce FUD, which could lead to a big sell-off and a decrease in asset values.<\/p>\n","protected":false},"excerpt":{"rendered":"

The crypto market is poised to enter a potentially crucial week. While the market is now preoccupied with the feud between Binance CEO Changpeng Zhao (“CZ”) and FTX CEO Sam Bankman-Fried (“SBF”), the midterm elections, and the release of CPI data, these might have a massive impact on the market. According to Bitcoinist, CZ said […]<\/p>\n","protected":false},"author":42,"featured_media":39674,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[25],"tags":[],"class_list":["post-39672","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/11\/expect-martinz.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/39672","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/42"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=39672"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/39672\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/39674"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=39672"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=39672"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=39672"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}