Bitcoin Surpasses $37K on Argentina Presidential Election Result as Analysts Focus on Fed Notes
Crypto markets added some 2% in the past 24 hours, with the artificial intelligence-focused token sector driving the most gains for weekend traders....
- Bitcoin (BTC) rose above $37,000 as Javier Milei, a pro-bitcoin candidate, won Argentina's presidential election.
- Milei, an anarcho-capitalist, supports bitcoin but has not proposed making it legal tender in the country.
- The broader crypto market increased by almost 2% in the past 24 hours.
- The AI token sector also saw gains, with Bittensor's TAO rising 4.2% and Ocean Protocol's OCEAN, Fetch AI's FET, and SingularityNet's AGIX surging up to 16%.
- Near Protocol's NEAR jumped 20% and Lido's LDO added 11%.
- The upcoming week is expected to be busy for crypto, with events and announcements that could impact market movements.
- The release of the U.S. Federal Reserve's meeting notes and Nvidia's latest results are anticipated to influence cryptoassets.
- Low liquidity is expected toward the end of the week due to the Thanksgiving holiday, which could create volatility in markets.
- Traders speculate that the Federal Reserve may announce rate cuts in the coming months, but this would likely require a significant market correction.
- A drop in broader markets could potentially cause bitcoin to fall below $30,000 before triggering another bull cycle.
The overall sentiment of the article is neutral. It provides information about various developments in the crypto market and potential factors that could impact its future performance.