According to CoinDesk: Bitcoin breached the $37,000 mark early on Monday, energized by the election of Javier Milei, a pro-bitcoin candidate, as the President of Argentina. The broader crypto markets observed an overall appreciation of almost 2% in the last 24 hours, with AI-focused token sector taking the lead with gains over 8%.
This surge arrives amidst key developments in the AI ecosystem. Symbols to watch included Bittensor's TAO, which escalated 4.2% amplifying a week-long 77% rally and AI tokens from Ocean Protocol (OCEAN), Fetch AI's (FET), and SingularityNet's (AGIX) experienced increases as high as 16% over the period.
The week ahead is expected to be eventful for the crypto market. Simon Peters, a market analyst at eToro, highlighted that the upcoming release of the U.S. Federal Reserve meeting notes, which often influence market movements, is eagerly anticipated. In addition, Nvidia's results due Tuesday could impact cryptoassets due to their influence in the AI industry. However, the market should anticipate potentially low liquidity toward the week's end due to Thanksgiving celebrations and Black Friday.
However, both Peters and FxPro analyst Alex Kuptsikevich stressed caution. A significant market correction typically precedes the Fed's initiation of rate cuts; consequently, this could trigger severe turbulence in the debt and equity markets and bitcoin could potentially fall below $30,000 before kickstarting another bull cycle. Hence, investors should keep an eye on these developments and tread carefully in the days ahead.
