🚨 How Are Crypto Traders Responding to FOMC and US Election Uncertainties?

Author

CoinGape Media
November 04, 2024

News

Crypto traders maintain caution as the US elections to have a major impact on the political and macro front. With the US Fed rate cut expectations ahead, the race between Donald Trump and Kamala Harris is once again getting pretty close. The Bitcoin (BTC) price continues to stay under $70,000 levels while altcoins faced even greater selling pressure over the last weekend. Thus, the broader crypto market prepares for volatility and liquidity stress this week.

The Monetary Authority of Singapore (MAS) on Monday said it plans to deepen support for asset tokenization, pushing to lead in commercial networks. Singapore’s central bank to enhance liquidity and adoption of tokenization in financial services. This will boost cryptocurrencies and crypto projects involved in the tokenization of assets.

📢 USDC Issuer Circle Discloses Major Plans Ahead of Highly-Awaited IPO

Circle, the issuer of the second-largest stablecoin USDC has now declared its intentions to expand into the Asian market just as it gears for its IPO plans. The company is now eyeing an expansion into Hong Kong, amid plans for the region to become Asia’s crypto hub.

Markets

The cryptocurrency prices today have again garnered significant attention globally, with Bitcoin (BTC) and major altcoins mainly trading in the green. Notably, BTC maintained a trading session at the $69K level today, whereas Ethereum (ETH), Solana (SOL), and XRP prices gained roughly 1%. Meanwhile, the recent hot buzz of the digital asset realm, Goatseus Maximus (GOAT), and MAGA (TRUMP) prices surged over 10%.

The crypto market entered a crucial week with eyes on crucial scheduled events like the US Presidential election 2024 and the FOMC interest rate cut decision. Notably, the market participants are bracing for highly volatile trading this week, with experts supporting the anticipation with historical trends. However, with soaring expectations of volatile trading, some also grew concerned over a potential market crash on the day of the election.

As investors approach the 2025 bull market, certain altcoins are positioning themselves for impressive gains. Identifying these promising assets can significantly increase lucrative investment opportunities, as the coming bull run is projected to be at least twice as large as the previous one.