FameEX Morning Crypto News Recap | November 6, 2024

Fed Delays Interest Rate Decision to November 8 Amid U.S. Election

The Federal Reserve’s interest rate decision has been postponed to 03:00 on November 8, Eastern Time, due to the U.S. election and winter time adjustments. Normally, the Fed meets on Tuesday and Wednesday with results announced Thursday morning, but the schedule shifted by a day to allow for election voting.

Bitcoin Whales Reduce Holdings Ahead of U.S. Elections, with 1,000+ BTC Addresses Declining by 2%

On-chain analyst @ali_charts reported a reduction in Bitcoin whale holdings ahead of the U.S. elections, noting a 2% decrease in addresses with over 1,000 BTC as of November 5.

U.S. Presidential Election May Significantly Impact the Fed and Powell

The 2024 U.S. presidential election has significant implications for the Federal Reserve and Chairman Powell, whose term concludes in May 2026. The next president will fill critical Fed positions, possibly influencing policy direction. If Trump wins, he’s likely to adopt a proactive stance, given his prior criticism of Powell and suggestions of negative interest rates.

Goldman Sachs Strategist Sees Minimal Risk of U.S. Stocks Entering Bear Market Within the Next Year

Goldman Sachs strategists, led by Andrea Ferrario, project only an 18% likelihood of a U.S. bear market in the next year, with economic recovery expected to support stability. Despite election risks, the S&P 500 has climbed about 20% this year, following a 25% increase in 2023, driven largely by large-cap tech stocks.

Grayscale Confirms U.S. as the Premier Market in the Crypto Industry

Grayscale highlighted on platform X that while crypto is global, the U.S. remains the industry's most crucial market due to its economic scale and the dollar’s influence, a point underscored on this U.S. election day.

U.S. Election Heightens Financial Market Tensions, Keeping Wall Street on High Alert

Wall Street remains on high alert due to the uncertain U.S. election outcome. Trading desks are running overnight with support from teams in Hong Kong and Singapore. Banks prepared for potential unrest, with JPMorgan increasing staffing in Europe and Asia and hundreds of Goldman Sachs employees working late in New York to ensure market monitoring and response.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.​