The Bitcoin and crypto area is poised for a doubtlessly transformative week, with a number of key occasions that would have far-reaching implications for the market. Let’s delve into the specifics of every occasion:
#1 Spot Bitcoin ETF Approval – Friday
As Bitcoinist reported earlier at this time, a crucial window is presently open for the SEC to doubtlessly approve all 12 spot Bitcoin ETFs. The deadline ends on November 17, after which newer filings will enter a public remark interval. That is particularly fascinating as a result of it’s assumed that the SEC goals to keep away from favoritism in a extremely aggressive market, as highlighted by trade consultants. Remarkably, the SEC must decide on two spot Bitcoin ETFs by Franklin Templeton and Hashdex by November 17!
#2 US CPI Report – Tuesday
The Shopper Value Index (CPI) report is about to be launched on November 14, 8:30 am ET. The main inflation metric within the US is anticipated to point out a lower on a year-over-year (YoY) foundation to three.3% in October from September’s 3.7%, influenced primarily by decrease gasoline prices. Month-over-month (MoM) inflation is predicted to come back in at 0.1%, decrease than the earlier 0.4%.
Nonetheless, core inflation charges, which exclude risky meals and vitality costs, are prone to stay comparatively steady. Much like September, the forecast for the core inflation charge (CPI MoM) in October is 0.3%. The year-on-year US core inflation charge is predicted to fall barely from 4.1% to 4.0%.
The Federal Reserve’s response to those figures might be crucial, as chair Jerome Powell has indicated a willingness to proceed rate of interest hikes if inflation pressures don’t ease. This knowledge is essential for traders and will have fast implications for the Bitcoin and crypto market.
#3 US PPI Report – Wednesday
The Producer Value Index (PPI) for October, scheduled for launch on November 15, 8:30 am ET, provides insights into the inflation on the producer stage. The forecast signifies a marginal enhance within the YoY PPI from 2.2% to 2.3%. The PPI might present a complementary perspective to the CPI and is important for understanding inflationary traits from the manufacturing facet of the financial system.
#4 Potential US Authorities Shutdown – Friday
The chance of a US authorities shutdown looms (once more), with November 17 as a crucial date. This comes within the wake of Moody’s downgrade of the US credit standing outlook to ‘detrimental,’ citing considerations over giant fiscal deficits and debt affordability.
Proposals for momentary measures have been put ahead as soon as once more in an effort to stop a authorities shutdown. Nonetheless, numerous US authorities companies are already initiating preparations to brace their workers for a attainable partial shutdown, following their established protocols.
This might have a number of implications for Bitcoin and crypto. On the one hand, Bitcoin and crypto have traditionally reacted positively to the US authorities shutdown, and the market rally might be additional strengthened. Then again, as was the case final time, a call by the SEC on the Spot Bitcoin ETFs might come as early as Friday.
#5 Polygon’s Main Announcement – Tuesday
Polygon has been producing appreciable pleasure in current days, consistent with its development in direction of the two.0 roadmap. A heightened sense of anticipation has been stirred by Sandeep Nailwal, Polygon Labs Government Chairman. On November 7, he hinted at vital bulletins slated for November 14.
Are you prepared?
ninth November
14th November
Keep tuned!
— Sandeep Nailwal | sandeep. polygon 💜 (@sandeepnailwal) November 7, 2023
Hypothesis throughout the group is rife, with dominant theories suggesting the potential for an airdrop and the revelation of a big partnership. This conjecture is partly fueled by Nailwal’s earlier remarks a few potential airdrop to customers of Polygon’s Ethereum Layer 2 answer, Polygon zkEVM. Moreover, the continued transition of the community’s native token from MATIC to POL has sparked additional discussions and theories.
At press time, Bitcoin traded at $37,072.
Featured picture from Jeremy Yap / Unsplash, chart from TradingView.com