{"id":11829,"date":"2023-10-30T15:19:15","date_gmt":"2023-10-30T12:19:15","guid":{"rendered":"https:\/\/blog.egemoney.com\/?p=11829"},"modified":"2023-10-30T16:13:28","modified_gmt":"2023-10-30T13:13:28","slug":"will-btc-head-towards-40000-during-the-critical-fed-week","status":"publish","type":"post","link":"https:\/\/blog.egemoney.com\/en\/will-btc-head-towards-40000-during-the-critical-fed-week\/","title":{"rendered":"Will BTC Head Towards $40,000 During the Critical FED Week?"},"content":{"rendered":"<p><strong>Important data to watch this week:<\/strong><\/p>\n<table>\n<tbody>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><span style=\"font-weight: 400;\">Expectation<\/span><\/td>\n<td>The Previous Month\u2019s Announced<\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">30.10.2023<\/span><\/td>\n<td><\/td>\n<td><span style=\"font-weight: 400;\">BTC<\/span><\/td>\n<td>Sharing of detailed reports related to the conference between Binance and the SEC with the public<\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">31.10.2023<\/span><\/td>\n<td><\/td>\n<td><span style=\"font-weight: 400;\">TON<\/span><\/td>\n<td>TON Blockchain Performance Test (Trial for transactions per second record)<\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">01.11.2023<\/span><\/td>\n<td><span style=\"font-weight: 400;\">21:00<\/span><\/td>\n<td><span style=\"font-weight: 400;\">USD<\/span><\/td>\n<td>FED Interest Rate Decision<\/td>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">5,50%<\/span><\/p>\n<\/td>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">5,50%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">01.11.2023<\/span><\/td>\n<td><span style=\"font-weight: 400;\">21:30<\/span><\/td>\n<td><span style=\"font-weight: 400;\">USD<\/span><\/td>\n<td>FOMC Press Conference<\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">02.11.2023<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15:30<\/span><\/td>\n<td><span style=\"font-weight: 400;\">USD<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Unemployment Benefits Applications<\/span><\/td>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">210K<\/span><\/p>\n<\/td>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">210K<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">03.11.2023<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10:00<\/span><\/td>\n<td><span style=\"font-weight: 400;\">TRY<\/span><\/td>\n<td><span style=\"font-weight: 400;\">T\u00fcketici Fiyat Endeksi (T\u00dcFE) (Y\u0131ll\u0131k)<\/span><\/td>\n<td><\/td>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">61,53%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">03.11.2023<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15:30<\/span><\/td>\n<td><span style=\"font-weight: 400;\">USD<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Non-Farm Employment Data<\/span><\/td>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">188K<\/span><\/p>\n<\/td>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">336K<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">03.11.2023<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15:30<\/span><\/td>\n<td><span style=\"font-weight: 400;\">USD<\/span><\/td>\n<td>Unemployment Rate<\/td>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">3,8%<\/span><\/p>\n<\/td>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">3,8%<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">03.11.2023<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15:30<\/span><\/td>\n<td><span style=\"font-weight: 400;\">USD<\/span><\/td>\n<td>Average Hourly Earnings<\/td>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">0,3%<\/span><\/p>\n<\/td>\n<td>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">0,2%<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>In the last 24 hours, $60 million was liquidated from the cryptocurrency market, affecting more than 30,000 cryptocurrency investors. Short positions made up 62.82% of the liquidated positions, with <a href=\"https:\/\/blog.egemoney.com\/en\/what-is-bitcoin\/\">Bitcoin<\/a> experiencing the highest liquidation.<\/p>\n<p>Last week, the tensions between Israel and Hamas saw a decrease in flows and news of the postponement of the ground operation somewhat relieved the markets. <a href=\"https:\/\/egemoney.com\/en\/market\/BTC_TRY\">Bitcoin<\/a> surged with hopes that the SEC would approve the Bitcoin exchange-traded fund. In total, we saw an increase of about 27% in October.<\/p>\n<p>This week, we may witness another week of high volatility for Bitcoin and other cryptocurrencies. The most influential data this week seems to be the announcement of the FED&#8217;s interest rate decision. Half an hour after the FED&#8217;s interest rate announcement, remarks from FED Chairman Jerome Powell will be closely followed. These statements might provide hints about the FED&#8217;s future monetary policy. The price of Bitcoin and other markets will be influenced by these developments. It&#8217;s beneficial to keep track of these data when opening or holding our trades.<\/p>\n<p>Expectations for an ETF drove Bitcoin&#8217;s price first to <a href=\"https:\/\/blog.egemoney.com\/en\/bitcoin-back-above-30000-usd\/\">$30,000<\/a> and then to <a href=\"https:\/\/blog.egemoney.com\/en\/bitcoin-exceeds-35000-with-spot-etf-developments\/\">$35,000<\/a>. Although there have been pullbacks, it has still outperformed many altcoins. Since October, it has appreciated by approximately 27%.<\/p>\n<p><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-11821 aligncenter\" src=\"https:\/\/blog.egemoney.com\/wp-content\/uploads\/2023\/10\/btc-chart1-30.10.2023.jpeg\" alt=\"\" width=\"1019\" height=\"672\" srcset=\"https:\/\/blog.egemoney.com\/wp-content\/uploads\/2023\/10\/btc-chart1-30.10.2023.jpeg 1019w, https:\/\/blog.egemoney.com\/wp-content\/uploads\/2023\/10\/btc-chart1-30.10.2023-768x506.jpeg 768w\" sizes=\"auto, (max-width: 1019px) 100vw, 1019px\" \/><\/span><\/p>\n<p>When we look at the Bitcoin chart, we can see that a Flag formation has formed. It will be beneficial for us to closely follow the news coming from the SEC.<\/p>\n<p>Bitcoin dominance value is also increasing because the expectation is quite strong. Every development adds to the price of Bitcoin. If approval comes from the SEC, we can observe an increase in volatility.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-11819 aligncenter\" src=\"https:\/\/blog.egemoney.com\/wp-content\/uploads\/2023\/10\/btc-chart2-30.10.2023.jpeg\" alt=\"\" width=\"1017\" height=\"517\" srcset=\"https:\/\/blog.egemoney.com\/wp-content\/uploads\/2023\/10\/btc-chart2-30.10.2023.jpeg 1355w, https:\/\/blog.egemoney.com\/wp-content\/uploads\/2023\/10\/btc-chart2-30.10.2023-768x390.jpeg 768w\" sizes=\"auto, (max-width: 1017px) 100vw, 1017px\" \/><\/p>\n<p>Galaxy Digital estimates that spot Bitcoin ETFs awaiting approval in the U.S. could attract at least $14.4 billion to the market in their first year. After the approval of spot Bitcoin ETFs in the U.S., they suggest that Bitcoin&#8217;s price could increase by 74% within a year. Although this seems overly optimistic, it&#8217;s important to remember that markets price in expectations.<\/p>\n<h2><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-11817 aligncenter\" src=\"https:\/\/blog.egemoney.com\/wp-content\/uploads\/2023\/10\/galaxy-predicts.jpeg\" alt=\"\" width=\"907\" height=\"146\" srcset=\"https:\/\/blog.egemoney.com\/wp-content\/uploads\/2023\/10\/galaxy-predicts.jpeg 944w, https:\/\/blog.egemoney.com\/wp-content\/uploads\/2023\/10\/galaxy-predicts-768x124.jpeg 768w\" sizes=\"auto, (max-width: 907px) 100vw, 907px\" \/><\/h2>\n<h2>Cardano&#8217;s Performance Exceeds Expectations<\/h2>\n<p><a href=\"https:\/\/egemoney.com\/en\/market\/ADA_TRY\">Cardano<\/a> has displayed tremendous performance in the DeFi sector, becoming one of the fastest-growing networks. The total value locked on the network has surpassed $250 million.<\/p>\n<h2>Standard Chartered-Backed Zodia Custody in Hong Kong<\/h2>\n<p>Zodia Custody, a digital asset custody firm backed by Standard Chartered, has announced its launch of services in Hong Kong. According to a report by CNBC, the UK-based company will enter the Hong Kong market following its recent expansion in other jurisdictions in the Asia-Pacific region. CEO Julian Sawyer mentioned in an interview with a media outlet that the significant demand from Hong Kong&#8217;s institutions makes the region an ideal market to target.<\/p>\n<h2>FTX Discusses with Three Bidders to Relaunch<\/h2>\n<p>According to Bloomberg on October 25th, FTX had been in talks with three bidders to relaunch and is expected to make a decision on how to proceed by mid-December. Currently, FTX is discussing potential binding details of an offer with investors. Among the possible options are selling the entire exchange, including a list of more than 9 million customers, or bringing in partners to assist in the relaunch. FTX is also considering relaunching the exchange on its own. The relaunch holds significant importance in terms of trust in the crypto sector.<\/p>\n<p><em><strong>The investment information, opinions, and recommendations contained in this research report are not within the scope of investment advisory.<\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Important data to watch this week: Expectation The Previous Month\u2019s Announced 30.10.2023 BTC Sharing of&#8230;<\/p>\n","protected":false},"author":10,"featured_media":11826,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[167,180],"tags":[],"class_list":{"0":"post-11829","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-cryptocurrency-news","8":"category-weekly-newsletter"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Will BTC Head Towards $40,000 During the Critical FED Week? 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