Ten major events that may affect the trend of Bit price this week (October 21-25)
Bit opened this week at over $69,000, and the upcoming economic events worth noting include the meetings of the International Monetary Fund (IMF) and the World Bank.
Key points:
- Important economic events in the week before the US election may affect the trend of Bit.
- Bit is currently trading above $68,000, having previously broken through $69,000.
- With less than three weeks to the important US election, multiple economic events this week may affect the trend of Bit and the crypto market.
Ten events that may affect Bit price
In a recent post published on X, Greeks.live introduced the most important upcoming events worth watching, which may change the trend of Bit:
- Dallas Fed President Lorie K. Logan will deliver a speech at the 2024 SIFMA Annual Meeting. (October 21)
- Kansas Fed President Esther George will speak on the economic outlook and monetary policy. (October 22)
- The IMF will release the World Economic Outlook report. (October 22)
- The Bank of Canada will announce its interest rate decision and monetary policy report. (October 23)
- ECB President Christine Lagarde will speak on the European economic outlook. (October 23)
- The IMF-World Bank Annual Meetings will be held. (October 23)
- Bank of Japan Governor Kazuo Ueda will deliver a speech at the IMF-sponsored Governors' Meeting. (October 24)
- The Fed will release the Beige Book on the economic conditions. (October 24)
- The US initial jobless claims report will be published. (October 24)
- The final October University of Michigan consumer sentiment index for the US will be released. (October 25)
All these economic events will take place against the backdrop of market expectations for the next rate cut, and may affect the trend of Bit price and the crypto market.
**Bit trading price above $68,000
At the time of writing, the trading price of BTC is above $68,000, up about 0.3% in the past 24 hours.
BTC price in USD today
Previously, the price of Bit had broken through $69,000, which is an important level not seen since June. The current Bit rally began on October 14th last week, starting from around $62,000.
This Bit rally has been driven by multiple factors, including the continued inflow of US Bit ETFs, the accumulation of large whale accounts, and the increased likelihood of Trump's victory in the upcoming US election.
Outlook for the crypto market
The US election is gradually approaching, and Trump's approval rating continues to rise. According to Polymarket data, he is leading Kamala Harris 60.7% to 38.9%.
Polymarket
Greeks.live pointed out that the implied volatility (IV) cycle related to the US election is currently relatively stable, and the market has begun to reflect the possibility of Trump's election as president in the price.
They also emphasized that the main long-term implied volatility of Bit has stabilized around 55% during the US election, and this week is a good opportunity to position long-term options.
Regarding the crypto lending market, Bitfinex's lending market has been relatively stable recently, with occasional high-yield orders of around 20%.
