The U.S. Federal Reserve is set to meet on November 7 to decide on potential interest rate cuts. Many analysts predict a 25 basis point cut, which will likely weaken the dollar and boost the demand for alternative stores of value, such as cryptocurrencies. The U.S. has already cut interest rates by 50 basis points in September, which boosted market optimism.
Some analysts believe that a Republican win in the 2024 presidential election, such as a victory for Donald Trump, could alter the Fed’s approach, reducing expectations for future rate cuts. However, if the Fed proceeds with rate cuts, this could benefit the crypto market as investors look for hedges against inflation and currency devaluation.
