This week, the cryptocurrency market will be influenced by several significant factors. According to analysts, Bitcoin is again on the verge of updating the minimum of the year. At the moment, cryptocurrencies react sharply to events, taking place in politics and economics. Therefore, many market participants are changing their strategies. Some of them withdraw accumulated assets, while others, on the contrary, invest more.
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Several influencing factors
On October 17, the PRC publishes a report on the volume of exports and imports, and the trade balance will also be published. In Japan, summing up, concerning the volume of industry, is going to appear. In the US, an index of manufacturing activity will be calculated.
Thus, among the main events, it is worth highlighting the publication of a report on production, the number of applications for mortgage loans and building permits for houses. These parameters determine whether the Federal Reserve will change the interest rate. It is possible that the parameter will be increased to 4%.
Reports are expected from several large US companies at once:
- electric car manufacturer - Tesla;
- streaming service - Netflix;
- banks - Bank of America and Goldman Sachs.
In the case of positive reports, the bitcoin rate may go up.
The summit in Dubai, which is dedicated to the development of blockchain games and Metaverses, will also have an impact. However, one should not expect any global decisions from this meeting.
Cryptocurrency development dynamics
Analysts' forecasts, regarding the development of the crypto market this week, do not have a unanimous opinion. Some of them are negative, as there are no positive factors that can change the dynamics. It is predicted that bitcoin will remain within its current rate with slight fluctuations.
The performance of Xi Jinping may affect the growth of the course. It is likely that he will be re-elected, therefore, positive dynamics are expected in the economy, in the Asian market and in the field of BTC appreciation.
Previously, news appeared that the Metaverses managed to raise about $ 1.3 billion.
