Here are 10 Events That Will Impact Bitcoin, SHIB and Altcoins This Week!

The developments in the name of the crypto money market continue. This week, developments that will affect SHIB and other altcoin projects, especially the president crypto money Bitcoin, are at the door. As, we provide you with economic data that will affect BTC and the wider crypto money market.

How will Bitcoin and the wider cryptocurrency market be affected?

Bitcoin kicked off the second week of November, struggling with a familiar FUD. So, how will the BTC price action react to the events in the economics calendar? Leading cryptocurrency made a weekly close below $21,000 on November 6th. This is the highest level in the last few weeks. However, it continues to move in a stable trading range.

Despite seeing highs near $21,500 last week, BTC has not been able to break through the resistance zone now. But next week has a chance to do that. On November 10, the US’s October Key Inflation Data will be released. Afterwards, unemployment theses and numerous speeches by Fed officials may also trigger volatility in cryptocurrencies.

With all these developments, the cryptocurrency exchange FTX is in a chaos that includes Alameda Research and Binance. CZ, CEO of leading crypto exchange Binance, announced his plan to sell all FTX tokens on the platform. Subsequently, concerns about liquidity increased. BTC, on the other hand, reacted overnight based on market sentiment. But then it will be questioned whether the event is more than just a classic crypto FUD.

Concerns at FTX have disrupted the weekly close

While the weekly close declined, the BTC/USD pair again recorded the highest weekly candle close since mid-September. According to the information provided by TradingView, he highlights that the week of November 6 was capped at $20,900 on Bitstamp. However, Bitcoin continues to defend its process range. It’s moving in the middle of $19k to $22,800 from August to this time. Also, as we approach the upper end of the price range, FTX news involving Binance has changed the landscape. As a result, this event caused Bitcoin to decline from $ 21 thousand.

Binance CEO Changpeng Zhao shared the following in his Twitter post:

As part of Binance’s exit from FTX capital last year, the exchange has purchased equivalent cash BUSD and FTT for approximately $2.1 billion. Due to recent arguments, we have decided to liquidate all FTTs on the exchange.

Zhao acknowledges that markets can be impacted throughout. However, he added that it will take Binance “a few months” to dispose of the FTt tokens on the exchange. In this midst, FTX CEO Sam Bankman-Fried referred to “baseless rumors” regarding liquidity issues:

We are grateful for the rest. When these events are over, we will welcome everyone again.

The market reaction has so far been less positive. It’s time for Bitcoin investors to take advantage of the one-week pullback they believe will cause further bullishness.

Crypto analysts state that dips can offer buying opportunity

Eight CEO and analyst Michaël van de Poppe says there will be an opportunity across the cryptocurrency markets in the short term. According to Poppe, “the dips provide a buying opportunity,” he said. However, another analyst says that the BTC price will continue at $ 21,500. He states that after that, it will be in a downtrend. The analyst, known as Capo, stated that he expects a decrease from current levels.

CPI and US middle elections

The Federal Reserve decided to raise interest rates by another 0.75 percent at the beginning of November. Subsequently, BTC and the broader cryptocurrency market started bearish action. If the Fed continues its hawkish stance, the declines in the crypto money markets will continue. Markets will follow the October Consumer Price Index (CPI) information, which is another valuable decision, this week.

Economists surveyed by Bloomberg put annual inflation at 7.9 percent, down 0.3 percent from September. As a result of a lower-than-expected CPI announcement, the Fed is expected to withdraw interest rate hikes sooner. Theoretically, it holds a lot of luck for crypto and risk assets.

However, before the CPI and unemployment data, there are the US middle elections that should be followed closely. Elections create a potential source of volatility in the name of markets. CryptoGod, a well-known social media influencer, says:

Personally, I’m in no hurry to start buying now. The CZ vs SBF event, the mid-election Tuesday, the CPI information on Thursday, the crypto market is under the influence. This will be the biggest crypto week to mark the end of the year.

How will DXY and funds rates affect Bitcoin and altcoins?

The US Dollar Index (DXY) saw a dramatic 2 percent daily drop on Nov. Currently, he is trying to make up for the lost base. Also, as a warning signal from the bulls, Bitcoin funding rates are rising on derivatives exchanges. Maartunn, a contributor to on-chain analytics platform CryptoQuant, highlights that funding rates are currently at a 6-month high.

Funds rates are always a mechanism used in contracts to keep prices close to the Bitcoin spot price. This effect can be wasted as the price drop liquidates a large number of very bullish positions. The following words were included in the statement made by Maartunn:

Currently, Funding Rates are very high. Investors are looking at higher prices and are willing to pay significant interest. That doesn’t necessarily mean a fall in itself. However, when the price starts to move against investors, they may have to exit their situation. Or they can be liquidated.

Cryptocurrency miners are struggling

Bitcoin’s network fundamentals are in a different state, if not completely bullish. The latest information from on-chain tracking resource confirmed that network difficulty decreased by 0.2 percent on Nov. This level is much lower than previously predicted. As a result, gains fell even as the hashrate hit all-time highs. For miners who saw the decline, the consequences pose significant problems.

Sam Rule, market analyst at UTXO Management, pointed out the following in a statement last week:

It performs well below BTC.

The sentiment indicator for Bitcoin hits three-month high

According to the Fear & Greed Index, expectations are running high with Bitcoin hitting its highest level since September. Offering various labels, Fear & Greed reached its highest level since mid-August. At 40/100, optimism proved unsustainable as the market pulled back into the new week. As a result, as of November 7, 33/100 is firmly in the “fear” area.

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