The price of Bitcoin remains stable at $115,000, with the $112,000 support level yet untouched. The details of why this week holds critical importance were shared yesterday. Numerous significant developments are expected to impact cryptocurrency charts in the coming hours. As of today, October 28, Tuesday, the anticipated major market fluctuations for the week have not commenced yet.
Significant Developments in Cryptocurrencies
This week, according to what was shared yesterday, both the meeting in China and the Federal Reserve’s announcements are on the schedule. Additionally, earnings reports from major tech companies are expected to be released. Yesterday, ETHZilla signaled a “collapse” for altcoin reserve companies. Due to the mismatch between company share value and crypto reserve volume, they sold ETH to accumulate shares. This highlights the potential for similar sales and even bankruptcies among many reserve companies (DAT) in the future.
Earnings reports from Visa and PayPal are expected this evening. Should these giants report good earnings for the last quarter, it would have positive implications for the stock market, and by extension, for cryptocurrencies. Hours from now, at 21:00 tomorrow, the Federal Reserve will announce its October interest rate decision. Historically, there has always been volatility leading up to the Fed’s decision, which is not surprising if it begins again in the coming hours.
After tomorrow’s stock market close, earnings reports from giants like Microsoft, Alphabet, and eBay will be announced. While these will cause fluctuations in stock futures, they will also affect cryptocurrencies. If Powell gives supportive easing signals for cryptocurrencies, earnings reports could create a multiplier effect, turning Wednesday’s candle closings into a spectacle.
On Thursday, earnings reports from giants like Apple and Amazon, as well as preliminary US GDP data, will be released. Most importantly, unless canceled at the last minute, Trump and Xi’s meeting, followed by a statement, is expected. For now, the agreement seems complete, with only a handshake needed. This will likely support cryptocurrencies.
Today in Cryptocurrencies
ETH stays calm under $4,200. Optimism around US tech giants’ earnings reports is strong, which keeps BTC stable. The SP500 remained calm in futures trading after reaching a new record level. We continue to feel the effects of reduced trade tensions in risk markets. The Chinese yuan, motivated by the trade agreement, has reached levels unseen in over a year.
Most importantly, the price of gold per ounce remains below $4,000. All these factors serve to motivate investors concerning the performance of cryptocurrencies.