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(Kitco News) – Cryptocurrencies traded flat on Monday as all eyes are on tomorrow’s US midterm elections. The outcome will determine whether President Joe Biden will have a supportive Congress for the next two years of his first term or be relegated to lame duck status.
The stock market posted some gains ahead of the election as traders tried to make up for losses experienced last weekend, with the S&P, Dow and Nasdaq all closing out the day with gains of 0.96% and 1.31%. . , and 0.85%, respectively.
According to TradingView data, Bitcoin (Bitcoin) The bulls have had to recover from an early morning onslaught from the bears that drove the cryptocurrency to a daily low of $20,590. It has since recovered above the $20,700 support and is now in a battle for dominance.
BTC/USD 4-hour chart.Source: Trading View
Despite the weakness seen on Monday, bitcoin’s price “is trending upwards in the daily bar chart after hitting an almost two-month high last Friday,” said senior technical analyst at Kitco. “The bulls continue to fight to maintain their technical advantage in the short term and sustain the uptrend in price,” said Jim Wyckoff.
BTC’s ability to sustain its uptrend was likely affected by last week’s Federal Open Market Committee meeting, Ben McMillan, CIO of IDX Digital Assets, said in a clearer message from the Fed. helped remove uncertainty from the market.
“The latest FOMC meeting and comments have caused the market to recalibrate expectations regarding terminal rates, but in doing so have removed some of the uncertainty,” McMillan said.
On what to expect in the medium term, CIOs said: While this year is decidedly more exceptional than the rule, I wouldn’t be surprised if something similar happened. ”
Expectations for the Consumer Price Index Report
While the news headlines focus on the medium term, the results are unlikely to have a significant impact on the cryptocurrency market, independent crypto analyst Mikael van de Poppe said later this week instead. He pointed out that another event that occurs in
The midterm elections are coming up next week. It probably won’t move the market that much, but his CPI over the weekend will.
lots of volatility.
Since we are in the mountains, it would be fun to see the market in the meantime (laughs).
— Michael Van de Poppe (@CryptoMichNL) November 6, 2022
And for those who are fed up with the sideways price action of the past six months, crypto analyst Rekt Capital posted the following tweet highlighting BTC’s past performance:
history suggests #bitcoin This bear market is only a few months away$BTC #Crypt #bitcoin
— Rekto Capital (@rektcapital) November 7, 2022
Altcoins Trend Down Ahead of Election
The altcoin market has shown widespread bearishness ahead of the midterm elections, with the bulk of the top 200 tokens trading in the red for the day as traders waited on the sidelines.
Daily cryptocurrency market performance. Source: Coin360
Notable risers on the day include Livepeer (LPT), up 12.75%, and the pair of Chainlink (LINK) and COTI (COTI), up 7.7%.
The overall cryptocurrency market capitalization currently stands at $1.38 trillion, with Bitcoin holding 38.5%.
Disclaimer: The views expressed in this article are those of the author and may not reflect the views of the author Kikko Metals Co., Ltd. The author has made every effort to ensure the accuracy of the information provided. However, neither Kitco Metals Inc. nor the authors can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation of an exchange of commodities, securities or other financial instruments. Kitco Metals Inc. and the authors of this article accept no liability for loss and/or damage resulting from the use of this publication.