Bitcoin Rally Pauses Ahead Of FOMC Meeting
By Kapil Rajyaguru
Bitcoin led a significant rally last week, reaching a peak of $35,000, and is now hovering above $34,500. This comes alongside the anticipation of several key market events this week, including the Federal Open Market Committee (FOMC) meeting on November 1 and the OpenAI conference on November 6, which are expected to impact interest rates and the performance of AI-related crypto tokens.
With cryptocurrency traders closely observing the potential for interest rate changes, current data indicates a slowdown in inflation. This has led to a 96.2% probability of unchanged rates according to the CME FedWatch Tool.
In addition to the FOMC meeting, key events this week that could influence the markets include labor market reports, ISM Manufacturing and Services PMI, JOLTs Job Openings, factory orders, and earnings reports from 20% of S&P listed companies.
Amid these developments Bitcoin and altcoin’s rally has paused at the moment because of profit booking by short-term Bitcoin holders.
In related news, Ethereum co-founder Vitalik Buterin reportedly saw weekly gains of $42 million. At the same time, MATIC, a digital currency, experienced a 4% slide. Polygon, a protocol and a framework for building and connecting Ethereum-compatible blockchain networks, introduced a new token contract on the Ethereum platform.
Meanwhile, the second largest cryptocurrency by market capitalization, Ether was trading around $1810, up by 0.75% in the last 24 hours.
The global crypto market cap is $1.28T, a 0.37% increase over the last day. The total crypto market volume over the last 24 hours is $39.58B, which makes a 54.73% increase. The total volume in DeFi is currently $3.65B, 9.22% of the total crypto market 24-hour volume. The volume of all stable coins is now $35.66B, which is 90.11% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 52.77%, a decrease of 0.28% over the day.
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