Bitcoin Surpasses $37K on Argentina Presidential Election Result as Analysts Focus on Fed Notes


20 Nov 2023 11:49 AM

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.

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You May Ask

Who won Argentina's presidential election and how did it affect Bitcoin?What is the stance of Javier Milei, the pro-bitcoin candidate, on cryptocurrency?Which AI tokens experienced significant gains in the past 24 hours?What events and announcements are expected to impact the crypto market in the upcoming week?How could low liquidity during the Thanksgiving holiday affect market volatility?

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