CandleFocus As BTC rallies after jobs report, what are the ‘Uptober’ odds?
2024-10-04
Author: Content Editor
Bitcoin experienced a rally following a positive US jobs report, but industry experts warn that geopolitical uncertainties, including the upcoming US election and conflicts in the Middle East, could temper economic optimism. While October has historically been a strong month for bitcoin, with average gains of around 20%, the current circumstances may disrupt this trend. The Federal Reserve's concerns about the job market led to a rate cut, but the recent jobs report has alleviated some worries. The potential for further conflict in the Middle East could make markets more sensitive to short-term developments and traders may reprice risk. The approaching US election could also impact crypto prices, with research showing that bitcoin's volatility is now more correlated to traditional financial markets than in previous election cycles. Overall, market participants should expect continued volatility as the election outcome and its potential impact on crypto policies remain uncertain.
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