The crypto market enters a crucial week with a flurry of events scheduled that could shape the future of digital assets.
The crypto market is set for a crucial week ahead with several key events lined up that could dictate the direction of digital assets. One of the most anticipated events is the upcoming FOMC interest-rate decision by the US Federal Reserve.
This decision is expected to heavily influence the sentiments in the crypto market, potentially setting the path for Bitcoin and other altcoins. While the market is largely anticipating a dovish stance by the central bank, any other move could trigger a selling pressure in the market.
Crypto Market Enters Crucial Week With FOMC In Focus
The crypto market enters a crucial week with a flurry of events scheduled that could shape the future of digital assets. Among these, the market participants are eagerly waiting for the upcoming FOMC for cues over the central bank’s stance on their monetary stimulus plans.
Notably, concerns mounted over the past few days over a potential pause in the US Fed’s rate cut plans, especially with the economic data weighing on traders’ sentiment. However, the latest US Job report appears to have shrugged off concerns, while cementing bets towards a 25 bps Fed rate cut next week.
The latest Job data showed weaker job creation in the US in October, with the unemployment rate remaining unchanged from September. This has fueled hopes of two more rate cuts this year, one being in next week and the other in December. According to the CME FedWatch Tool, there is about a 99% chance of a 0.25% point cut in November.
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