As with every Sunday, we examine the significant developments that await cryptocurrencies in the upcoming week. The influence of news flow on price charts is repeatedly seen in the financial world. Which developments could potentially impact cryptocurrencies in the coming days?
Key Developments in Cryptocurrencies
Bitcoin’s price remains stagnant around the $110,000 mark. A renewed appetite for risk is necessary for the week of November 3-9. With the completion of a deal with China, tensions are easing, resulting in a dip in gold prices. The positive outcomes of earnings reports in the US markets suggest that the momentum in cryptocurrency prices could soon revive upward.
Let’s dive into the events scheduled to impact cryptocurrencies in the coming days, detailed by date and time.
Impact on Cryptocurrencies
The potential government shutdown remains a priority issue, and some progress might be observed next week. The shutdown was expected to resolve if not for Trump’s outburst on Friday. Democrats are leveraging the opportunity to press Trump into agreeing on health legislation, which aggravates him further.
In the altcoin sector, numerous significant developments are anticipated. Notably, if EtherFi’s buyback program is approved, a $50 million purchase could sway the price. While $50 million seems small compared to the $990 billion market cap, it is still notable. Additionally, since this is a profit-making protocol, further purchases from the DAO treasury are feasible.