It is not surprising that Bitcoin (BTC) and Crypton has been hitting new highs after the resounding victory of Donald Trump becoming the 47th President last week. Investors are feeling more hopeful than ever as Bitcoin surpassed $81,000 for the first time in history. Notably, it is not just limited to BTC; major altcoins such as Dogecoin (DOGE) and Cardano (ADA) have surged by 87% and 73% respectively in the past 7 days. After experiencing significant political fluctuations, it is expected that this week’s CPI data on inflation and the speech by Chairman Powell of the FED could trigger strong waves of sentiment among traders. Will the terms “increase” or “decrease” be the most frequently mentioned this week?
Latest news on Crypto and interest rates from the FED
Accordingly, FED Chairman Jerome Powell will release OPEC’s monthly report on Tuesday (November 12), followed by interest rate-related data on Wednesday (November 13). With inflation decreasing, expectations are for a reduction in both the core index by 0.2% and CPI by 0.3%. This could delay the FED’s rate cut decision and impact the ongoing Bitcoin price surge.
Forecasts suggest that the FED’s decisions this week will have unpredictable, volatile effects on the cryptocurrency market. Bitcoin continues to reach new record highs above $81,000, driven by a wave of cryptocurrency-friendly candidates winning in the U.S. elections, with notable support from Donald Trump and Elon Musk.
The Fear and Greed Index currently indicates “Extreme Greed,” with a score of 76 points in the market. The global cryptocurrency market capitalization has risen by an additional 2% over the past day, reaching $2.76 trillion. The 24-hour trading volume has surged by 71%, now totaling $228 billion.
Bitcoin futures open interest on Deribit has surpassed $90,000, climbing to more than $2.8 billion. Post-election, CME futures premiums for both BTC and ETH have increased by 14%, doubling from pre-election figures. This significant rise highlights strong demand for call options, suggesting a bullish outlook. Bitcoin’s price has risen by 18% over the past 7 days. As of now, BTC is trading at an average price of $81,159. The 24-hour trading volume has increased by 65%, now standing at $77.9 billion.
Investors should actively seize opportunities presented by the current market fluctuations but also exercise caution in managing risks. Additionally, keeping track of factors such as changes in global financial policies, the development of new blockchain technologies, and the growing demand for cryptocurrencies could serve as important indicators in shaping the future direction of the market. With strong support from influential figures and the current positive trends, cryptocurrency will undoubtedly continue to be an attractive investment channel with the potential for significant growth in the coming period.
Related news: Tesla Still Holds $780 Million in Bitcoin Despite Recent Market Turmoil
