The crypto market suddenly surged on early Oct 26, ending nearly 3 weeks of sideways market. Bitcoin jumped from $19,237 to $20,415 – its highest value since Oct 4 before returning to the $20,200 threshold at the time of writing. Meanwhile, the second largest cryptocurrency, Ethereum (ETH) has also gained more than 10%, from $1,350 to $1,525 – its highest price since Sep 15 when the historic upgrade The Merge successfully went live. ETH’s inflationary pressure has been steadily dropping after The Merge so many expect this coin to continue to rise in the future. Other altcoins in the top 20 also recorded gains of 5 to 10%.
According to data from Coinglass, more than 119,000 traders were liquidated, the total liquidations were more than $800M over the past 24 hours. The crypto exchange FTX has just recorded the largest liquidation in its history with nearly 600 million USD liquidated.
It is not clear why the crypto market suddenly recovered strongly, however, it’s going to be another challenging time for both the crypto and traditional financial markets as the US prepares to release a bunch of key economic data.
On Oct 27, GDP Q3 2022 is scheduled for release by the Bureau of Economic Analysis. It is the most important measure of the world’s largest economy, which has experienced a period of uncertainty in the last three months due to high inflation and political turmoil in Europe. Many tech giants in the country such as Microsoft, Alphabet (Google), Meta (Facebook), Apple and Amazon will also release their third-quarter financial reports this week. Google shares fell sharply in the morning of October 26 after announcing unfavorable business results in the autumn.
Next, October 28 will be the deadline for billionaire Elon Musk to complete the acquisition of the social network Twitter. The failure or success of this deal will certainly have an impact on Dogecoin (DOGE), the cryptocurrency promoted by Elon Musk and often inflated by whales because of news related to Musk.
Next week, the Fed will announce the latest interest rate adjustment. In 2022, the Fed 5 times raised interest rates from 0.25% to 3% – the highest level since the financial crisis in 2008. The Fed will have one more interest rate adjustment in December. Finally, on Nov 10, the US will release October inflation data that will surely make Bitcoin, the crypto and stock markets volatile strongly.
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