From Santos FC Token's rally to Bitcoin nearing all-time highs, get the highlights of the week’s crypto market moves and the latest economic indicators.
This week, the crypto market saw big gains, major token launches, and renewed interest in Bitcoin as the U.S. elections approach. Here’s your recap of the most significant market highlights and economic indicators driving price movements.
Key Points
Santos FC Fan Token ($SANTOS) Surges:
The Santos FC Token jumped 100% after Binance launched the SANTOSUSDT Perpetual Contract, presenting new trading options and bolstering market interest.
Raydium ($RAY) Gains on Solana:
Raydium, a decentralized exchange on Solana, reported a notable increase in trading volume and a market share boost to 18.4% in October, driven by the adoption of new tokens.
Celestia ($TIA) Prepares for Token Release:
With a highly anticipated release on October 30, $TIA has seen heightened volatility, currently down by 22% but poised for potential price action following its launch.
Bitcoin Nears All-Time High:
Bitcoin approaches a new high as interest grows, largely tied to expectations of a crypto-friendly GOP win in the upcoming U.S. election, which could shape the regulatory landscape.
Economic Indicators:
U.S. Jobless Claims: Reports show a decrease, indicating labor market strength.
Rising Consumer Confidence: Increased new home sales and strong ADP nonfarm employment data.
DXY Movement: Mixed economic reports led to fluctuations in the U.S. Dollar Index.
PCE Price Index Steady:
Core inflation remains at 2.7% YoY as of September, with the DXY responding positively at 104.00. This stable index excludes volatile food and energy prices and could impact Fed policy.
BTC Options Show Volatility:
As the U.S. election approaches, BTC options volatility rises, especially for short-term expiries, as investors anticipate regulatory changes favoring crypto with a potential GOP victory.
Mews Flash Highlights
Global Market Overview:
The total crypto market cap is $2.32 trillion, down 4.31% in the last day. BTC is trading at $69,648, up 0.32% in 24 hours. Top gainers include RARE (33%), OGN (27%), and UNFI (15%).
Macroeconomic Impacts:
Persistent inflation supports the U.S. Dollar Index, with core PCE steady and investor sentiment reflecting caution in response to Fed outlooks.
Upcoming Events to Watch:
Economic shifts could be on the horizon with Thursday’s PCE data, Friday’s jobs report, and Tuesday’s U.S. elections, expected to drive substantial market responses.
This week’s crypto market reflects a blend of anticipation, from major token activity to election-driven interest in Bitcoin. As economic indicators roll in, crypto investors are watching closely, with eyes on regulatory impacts and BTC’s potential next move.
Related: Zerocap
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