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Bitcoin Faces 3 Big Tests During the First Week of November
Bitcoin (BTC) and crypto markets face 3 key events this week. US voters elect a new Congress, 3 central banks weigh rate hikes, and Friday brings the October jobs report. The markets enter the week still recovering. A record $6.
Dextape brief
Bitcoin and the wider crypto market face three key tests this week. US voters cast ballots on Tuesday, November 3, filling 435 House positions and 35 Senate ones. Markets are still recovering from a record $6.3 billion Binance hack, which sent Bitcoin to its lowest level in six weeks on Friday. Three central banks also meet: Australia's RBA on Tuesday, Sweden's Riksbank on Wednesday, and the Bank of England on Thursday, where a Reuters poll points to a hike to 4.0%. Friday's employment report is the biggest of these, with economists polled by Dow Jones expecting 55,000 new jobs. October inflation figures follow on November 10. Higher rates can draw capital out of non-yielding holdings like Bitcoin, the article notes.
Why it matters: Election results, central bank decisions and jobs data all bear on the rate and risk backdrop the article links to Bitcoin, making this week's calendar relevant to crypto readers.
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