3 things that can affect the price in the next 10 days
Bitcoin may experience volatility in November 2022 as three developments may dictate price movements this month. Historically, economic developments and government decisions have affected Bitcoin and the crypto markets, and this time is no different. The US is poised for three major developments this month that could affect Bitcoin’s price and increase volatility. It is time to be cautious in the next 10 days as BTC can either crash or move north with the upcoming developments.
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Bitcoin: 3 things to watch out for in November 2022
1st FOMC meeting
The Feds are expected to raise interest rates again by 75 BPS on Wednesday, according to reports. The interest rate could eventually reach around 5%, Goldman Sachs reported. This is the fourth time the Fed has raised interest rates in 2022 to combat rising inflation. The increases in interest pose a challenge for Bitcoin as the royal crypto has previously reacted strongly to the news.
The interest rate increase shows signs that the economy is slowing down. The housing market is falling as mortgage rates have almost doubled this year, making it impossible to afford a home. The fixed 30-year mortgage has reached 7.08% today from 3.85% in March 2022.
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2. Labor statistics report
The US Bureau of Labor Statistics will release the report on the new jobs created for October 2022 in all non-farm business on Friday. The report could cause both the stock and crypto markets to react, as the jobs index is considered an important economic indicator.
If the labor report is on the positive side, Bitcoin is expected to continue on a bullish rally. But if the report shows job stagnation, markets could head south as it indicates the economy is in crisis.
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3. The mid-term elections in the United States
The US heads into midterm elections on November 8 and will decide who will control the Senate and the House of Representatives. The Democrats are in charge now, and polls suggest that the Republicans may win the midterm elections. New leaders would enter the Senate and House of Representatives with their ideas for the economy that could affect the markets.
The Biden administration had the crypto markets under its belt with a handful of executive orders. The Democrats also proposed to regulate crypto and keep the markets under control. We will have to wait and see which direction the election will go and how it might affect Bitcoin and the markets in general.
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