tl;dr
The crypto markets saw significant movement over the weekend, with altcoins making big gains as Bitcoin surged past $81,000 to reach new price discovery zones. This was attributed to two major catalysts: Donald Trump's victory in the US presidential elections and the Federal Reserve's 25 basis point...
Crypto markets experienced a surge over the weekend, with altcoins making significant gains as Bitcoin soared past $81,000, reaching new price discovery zones. This momentum was attributed to Donald Trump's victory in the US presidential elections and the Federal Reserve's 25 basis point interest rate cut. Fed Chair Jerome Powell emphasized that future policy decisions would hinge on upcoming economic reports, including key inflation data scheduled for release this week. Notably, the crypto market capitalization ascended to $2.88 trillion, with Bitcoin achieving an all-time high of $81,800 and Ethereum surpassing $3,200. Other altcoins like Dogecoin, Cardano, and Shiba Inu also saw significant increases.
The upcoming week features important economic events, including speeches by Fed Chair Powell and other central bank events. Additionally, the release of October's CPI and PPI inflation data, OPEC's monthly report, and October's retail sales data are anticipated. Powell indicated that he deems rates to be restrictive even after the recent reduction, suggesting that inflation is trending toward the Fed's 2% target. Consequently, the possibility of the central bank pausing further rate cuts at the next meeting in December has been raised.
Looking ahead, key events for the week include the OPEC Monthly Report, October CPI and PPI Inflation data, Fed Chair Powell's speech, and October Retail Sales data. The market will also continue to digest earnings season, the election outcome, and the Fed meeting. At the same time, the crypto market capitalization has reached its highest level since the mid-March peak, hitting $2.88 trillion. Bitcoin reached an all-time high of $81,800, with Ethereum surpassing $3,200. Altcoins such as Dogecoin, Cardano, and Shiba Inu also experienced substantial gains over the weekend.