FameEX Morning Crypto News Recap | November 6, 2024

Fed's Interest Rate Decision Delayed to November 8 Due to U.S. Election

Due to the U.S. election and winter time adjustments, the Federal Reserve's interest rate decision will be announced at 03:00 on November 8, Eastern Time. Typically, the Fed holds meetings on Tuesday and Wednesday, with decisions released Thursday morning, but this has been delayed by a day to accommodate election voting.

Bitcoin Whales Trim Holdings Ahead of U.S. Elections, with Addresses Over 1,000 BTC Dropping by 2%

On-chain analyst @ali_charts observed that Bitcoin whales have reduced their holdings ahead of the U.S. elections, with the number of addresses holding over 1,000 BTC dropping by 2% as of November 5.

U.S. Presidential Election Holds Key Implications for the Fed and Powell

The 2024 U.S. presidential election holds major implications for the Federal Reserve and Chairman Powell, whose term ends in May 2026. The next president will appoint key Fed roles, potentially shifting policy direction. If Trump wins, he is expected to take an active approach, having previously criticized Powell and hinted at negative interest rates.

Goldman Sachs Strategist Forecasts Low Likelihood of U.S. Stocks Entering Bear Market in Next 12 Months

Goldman Sachs strategists, led by Andrea Ferrario, predict a low probability (18%) of U.S. stocks entering a bear market in the next 12 months, as economic recovery is expected to support the market. Despite presidential election risks, the S&P 500 has gained about 20% this year, following a nearly 25% surge in 2023, driven by large-cap tech stocks.

Grayscale Affirms U.S. Remains the Leading Market in the Crypto Industry

Grayscale emphasized on platform X that, despite crypto's global reach, the U.S. remains the most important market for the industry due to its economic scale and the dollar's influence, especially on this U.S. election day.

U.S. Election Sparks Financial Market Tensions, Putting Wall Street on High Alert

The unpredictable U.S. election outcome has put Wall Street on high alert, with trading desks operating overnight and support from teams in Hong Kong and Singapore. Banks prepared for potential social unrest; JPMorgan boosted staffing in Europe and Asia, while hundreds of Goldman Sachs employees worked late in New York, ensuring continuous 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.