Weekly Economic Calendar:
| Date | Time | Currency | Event | Expectation | Previous Month’s Data |
|---|---|---|---|---|---|
| November 11, Monday | 10:00 | TRY | Turkey Unemployment Rate | 8.5% | |
| November 12, Tuesday – November 15, Friday | ETH | Ethereum Devcon 7 conference begins | |||
| November 13, Wednesday | 16:30 | USD | Consumer Price Index (CPI) – (Year-on-Year) ‘October’ | 2.4% | 2.4% |
| November 14, Thursday | 23:00 | USD | Fed Chair Powell’s Speech | ||
| November 15, Friday | 16:30 | USD | Core Retail Sales | 0.2% | 0.5% |
- In Turkey:
- Seasonally Adjusted Unemployment Rate Announced at 8.6%. According to TURKSTAT Household Labor Force Survey results, the number of unemployed people aged 15 and over increased by 35 thousand compared to the previous month in September 2024, reaching 3.1 million. The unemployment rate was recorded at 8.6%, with a rate of 6.7% for men and 12.3% for women. For more details, please refer to the TURKSTAT report.
- Central Bank of Turkey’s Inflation Forecasts Revised Upward. Central Bank of Turkey (CBT) Governor Fatih Karahan announced that CBT raised its year-end inflation forecast for 2024 from 38% to 44%. The 2025 forecast was also raised to 21%.
- Changes in the Capital Markets Board (SPK) Management. With the decision of President Recep Tayyip Erdoğan, Mahmut Sütcü has been appointed as the Vice President of the Capital Markets Board (SPK), while Mutlu Akın and Elif Gülşah Gürlek were appointed as members.-In the United States:The re-election of Donald Trump as President of the United States has had significant effects on the cryptocurrency markets. Particularly, Bitcoin has reached historic highs due to Trump’s crypto-friendly policies and statements.
Trump’s Cryptocurrency Policies
During his election campaign, Trump made favorable promises to the cryptocurrency sector, notably expressing his goal to make the U.S. the center of the cryptocurrency industry. Additionally, he announced he would end anti-crypto policies and even accepted Bitcoin donations.
Furthermore, it’s reported that Trump is considering replacing the current U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler with Dan Gallagher, the Chief Legal Officer of Robinhood. Gallagher, who served as a Republican commissioner at the SEC between 2011-2015, is known for his crypto-friendly policies. Other names Trump is considering for the SEC chair position include former Chairman of the Commodity Futures Trading Commission (CFTC) Chris Giancarlo and current SEC Commissioner Hester Peirce. Peirce, known in the crypto industry as “Crypto Mom,” advocates for more flexible regulations. These potential appointments suggest Trump may adopt a more positive stance toward the cryptocurrency sector and potentially alter current regulatory policies. He also mentioned his intention to create a “strategic Bitcoin reserve.”
Will the SEC Halt Its Cryptocurrency Lawsuits?
Former SEC official John Reed Stark has predicted that the SEC’s lawsuits against the cryptocurrency sector will largely cease. Stark stated, “The SEC’s influence has ended; this is as far as it goes,” suggesting that lawsuits against the crypto industry may nearly come to a halt in the coming years.
Meanwhile, Ripple’s Chief Legal Officer Stuart Alderoty has argued that SEC Chairman Gary Gensler should voluntarily resign. Alderoty stated, “Gensler and his anti-crypto team will be removed through internal processes by the new SEC chair.” Although Gensler is expected to leave his position in early 2025, his official term ends on June 5, 2026. Stark noted that Gensler cannot be legally removed from office since the SEC is an independent institution and the terms of its commissioners are defined by law.
Bitcoin Surpassing $80,000
Trump’s crypto-friendly policies and statements have led to significant increases in Bitcoin’s price. After Trump’s election victory, Bitcoin hit a historic high of $75,000, causing $180 million in losses for those with short positions.
Subsequently, due to Trump’s positive stance and policies toward the cryptocurrency market, Bitcoin reached a record level of $81,000. We frequently mentioned the $80,000 level in October’s bulletins. This rapid increase has also led to substantial liquidations in the crypto market.
Trump’s crypto-friendly policies and statements have not only boosted Bitcoin’s price but have also created a positive atmosphere in the cryptocurrency market. Moving forward, we will monitor expectations of $100,000 by year-end. With further news from Trump, if the $85,000 level is surpassed, we may observe an increase in buying, with the first target potentially being $100,000.
Analyzing Bitcoin with ITB :
The fact that 100% of investors are currently in profit based on market prices is a reason to celebrate. This rate had been around 90% for some time, so seeing it reach 100% is incredibly gratifying. There are 0% in losses. This week should be great for morale! 🎉
According to ITB analyses, there is currently no expectation for a bear market, with “4 neutral” and “1 bull” market expectations in place. Wishing everyone a week full of gains and appreciating investments! 💸💸
“The investment information and comments included in this research report do not constitute investment advice.”
Uzmanlık alanlarım arasında temel ve teknik analiz, portföy yönetimi, risk analizi ve pazar araştırması bulunmaktadır. Hızla değişen piyasa koşullarına uyum sağlama ve rapor üretme benim önceliklerim arasındadır. Finansal geleceğinizi şekillendirmek ve karar alma süreçlerinize değer katmak amacıyla araştırmalarımı EgeMoney platformu üzerinden sizlere sunuyorum.
