Tomorrow, October 6, Los Angeles will open a block summit with representatives of U.S. economic regulators – the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Speeches by the agencies actually determining the legal status of cryptovoltaic and digital tokens in a country may provoke significant movements in the cryptovoltaic market. At the same time, a new economic support package is being prepared in the USA. If the funds are approved and directed to the stock market, this may affect the price of the cryptocurrencies.
“If the new support package is similar to the spring one, the Fed’s liquidity will be not only on the stock market but also on the cryptovoltaic market, which will support it and allow BTC to rise to $14,000. In case of disapproval of the economic support package, BTC may lose up to $8,000 in price due to lack of fresh liquidity,” RBC quotes the comment of 8848 Invest analyst Victor Pershikov.
The analyst called the second wave of the pandemic another important factor. In March, the spread of coronavirus led to a decline in the stock market. At that time cryptocurrencies showed similar dynamics, in particular, bitcoin became cheaper to $3,800.
It should be noted that according to the portal CoinMarketCap, which calculates the average price of more than 20 stock exchanges, in the morning – as of 9.57 bitcoins rose in price by 0.68% to 10,646 dollars. At Binance, the largest cryptovoltaic exchange in terms of trading volume, bitcoin rose by 0.22% to $10,639. In the evening, October 5, the cost of Bitcoin, which accounts for 57.8% of the global market of cryptovoltaic currencies, is already about $ 10 714.