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Bitcoin Volatility Ahead: 4 Things That Could Impact Crypto This Week
After last week's hack-driven crash, the expectations for another volatile week are quite high.
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Crypto markets head into a week with the US midterm elections, a key jobs report, big tech earnings and several Fed speakers on the calendar. Bitcoin slid to $76,000 after the biggest hack in the sector, then steadied near $77,000 to $78,000 over the weekend. Reuters reported Democrats are seen as likely to take the House, while the Senate is less certain. Economists expect October payrolls of about 62,000 after September's softer 29,000, with unemployment near 4.2%. A stronger reading could strengthen expectations of a December rate increase by the Fed. The Kobeissi Letter notes that about a fifth of S&P 500 firms are due to report this week. Five Fed officials will also speak. Bitcoin fell over 7% in October, ending a three-month green run.
Why it matters: The week's events could shift expectations about Fed policy and risk assets, which affects how crypto readers view the market backdrop.
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