Bitcoin Price Eyes $38,000
The Bitcoin market is experiencing a strong upward momentum, with the price of Bitcoin closing its sixth consecutive week on the rise. This bullish sentiment is driven by the anticipation of a Bitcoin spot ETF and the upcoming halving in mid-April. There have been intensified communications between ETF filers and the US Securities and Exchange Commission (SEC), suggesting that a Bitcoin spot ETF may be arriving soon.
Currently, sentiment is extremely bullish, especially on the spot market, which is crucial for sustainable price movements. Traders are optimistic about Bitcoin’s price potential, with some suggesting that it could quickly surge to $42,000 if it breaks the key resistance at $38,000.
PCE Inflation Data (Thursday)
The US Bureau of Economic Analysis will release the Personal Consumption Expenditures Price Index on Thursday. This index, which excludes food and energy, is an important measure of inflation for the US Federal Reserve. Forecasts suggest a year-on-year change for October at 3.5% and a month-on-month change at 0.2%. Declining inflation could have a positive impact on financial markets, including Bitcoin and crypto.
Fed Chair Powell Speaks (Friday)
Federal Reserve Chairman Jerome Powell will deliver a speech on Friday. He has recently emphasized the Fed’s commitment to combating inflation and has indicated that the Fed is prepared to take necessary measures to ensure price stability. However, if there is favorable inflation data, Powell’s stance may soften. The market will be closely watching his speech for any hints about future monetary policy decisions.
Chainlink Staking V0.2 Goes Live
Chainlink’s Staking v0.2 update will begin on November 28 with a phased rollout. This update could have a positive influence on LINK’s market dynamics in the coming weeks. Priority migration for v0.1 stakeholders will start on this date, followed by an early access phase for eligible community members on December 7. General access will open on December 11, allowing all users to participate in staking.
Cosmos (ATOM) Hard Fork Incoming?
There is a potential hard fork in Cosmos’ blockchain driven by founder Jae Kwon’s call for a split. This could significantly impact the ATOM token. The community has approved proposal 848, which reduces ATOM’s inflation rate. Kwon has proposed the hard fork, AtomOne, to support both ATOM and a new token called ATOM1. This move could resolve internal conflicts and potentially lead to a substantial airdrop for ATOM holders.
Bonus: Token Unlocks
This week, the crypto market will see two major token unlocks. $524 million worth of DYDX tokens will be unlocked on November 28, and $48 million worth of SUI tokens will be unlocked on Tuesday, November 28. These token unlocks may have an impact on their respective projects and the overall market.
Hot Take: Key Events Poised to Shape Bitcoin and Crypto Market
This week is set to be an eventful one for the Bitcoin and crypto market. From Bitcoin’s price trajectory eyeing $38,000 to key economic data releases and speeches by influential figures like Federal Reserve Chairman Jerome Powell, these events have the potential to shape market dynamics. Traders are closely watching these developments as they navigate the ever-changing crypto landscape. Stay tuned for updates as these events unfold.
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