In the altcoin world, losses are over 5.3% led by Near Protocol, Polkadot (-4.6%), Cardano (-4.5%) and Ethereum (-4%).
Cryptocurrencies are on the decline at the start of the week. Bitcoin managed to reach $60,000 On Sunday, it fell more than 2% in the last 24 hours and is now at $58,000. Meanwhile, Ethereum is at $2,300. In the world of altcoins, losses are more than 5.3% led by Near Protocol, Polkadot (-4.6%), Cardano (-4.5%) and Ethereum (-4%).
One of the news that took the crypto market by surprise was the attack against Donald Trump. The former US president and Republican candidate for the November 5 presidential election escaped unharmed after shots were fired at his golf course in the state of Florida. A suspect has been arrested and the FBI has described what happened as an “apparent attempted murder.”
“Following the shooting, the price of Bitcoin plummeted by more than $1,100. Typically, when Trump sees a boost in his poll numbers, the price of BTC rises, as Trump has pledged his support for the cryptocurrency. The market may be weighing up what the repeated assassination attempts mean for the former president’s safety.“which could hurt his chances of becoming president again,” explains Kathleen Brooks, research director at XTB.
With a look at the Fed
But the attack on Trump is not the only thing moving the market. In fact, the focus continues on the Federal Reserve (Fed) and its two-day meeting that will culminate with the monetary policy decision that will be announced on Wednesday 18th. In this sense, the latest data released have completely changed market expectations, which are now clearly betting on a 50 basis point (bp) cut. According to data from the CME FedWatch tool, the consensus gives a 59% probability to a cut of this magnitude when just a week ago the probability they gave to this scenario did not exceed 30%. The same occurs with the 25 bp, a scenario to which the market currently gives a 41% probability.
On the other hand, it should be noted that cryptocurrency investment products closed last week on a positive note. exchange traded funds (ETFfor its acronym in English) from BTC to spot recorded more than $260 million in net inflows last Friday, the best figure since July 22, while ether ETFs recorded their second day of inflows since Aug. 28, with $1.5 million.
What price will Bitcoin need to break to consolidate a rally?
César Nuez, an analyst at Bolsamanía, highlights that the leading cryptocurrency has been moving around the 200-session average for weeks and, for the moment, “we will not see any signal that confirms the continuation of the increases.”
“To do this, We should wait for the resistance of $65,200 to be overcome.. If these prices are exceeded, we would think of the end of the current correction and the continuation of the rises to the historical highs drawn at 74,415 dollars. Below, the support that we will not lose sight of is at US$49,365. Watch out for the abandonment of this level of demand, since it could make us think of a change in trend,” explains this strategist.
Source: Ambito
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