Originally published on: November 07, 2022
As the United States midterm elections kick off, BitcoinBTC$90,729remained stagnant on Wall Street on Nov. 7. Data from Cointelegraph Markets Pro and TradingView indicated that BTC/USD was hovering around $20,600, marking a three-day low.
Volatility was expected surrounding the midterms along with the upcoming Consumer Price Index (CPI) report for October. Additionally, controversy surrounding the FTX trading platform contributed to market hesitancy as concerns over potential negative impacts on growth emerged.
Popular trader Pentoshi expressed concerns over the situation, stating, “This whole thing is incredibly bad for the industry, and especially for retail.”
The market saw some downside overnight following comments from Changpeng Zhao of Binance regarding FTX TokenFTT$2.01. However, William Clemente from Reflexivity pointed out a potential positive outcome for decentralized exchanges in the midst of the centralized exchange drama.
While Bitcoin experienced some turbulence, the top 10 cryptocurrencies showed a mixed performance, with SolanaSOL$215.32 seeing the heaviest 24-hour losses at 12.4%.
Trader Il Capo of Crypto shared a theory predicting a local top for Bitcoin at $21,500 followed by significant downside towards a macro low of $14,000.
On the macro market front, the U.S. dollar index (DXY) struggled to regain momentum, hovering around 110.5. Research by Raoul Pal emphasized that dollar weakness is a crucial factor influencing current market conditions.
As uncertainty looms over Bitcoin amidst the midterms and dollar fluctuations, investors are advised to conduct thorough research and analysis before making any investment decisions. Stay informed with critical insights and news to navigate the evolving market landscape. Don’t miss out on valuable updates – subscribe to the Markets Outlook newsletter today.
