Forex. Cryptocurrency Forecast for today
At the moment, the cryptocurrency is consolidating around $55,600. If there is another decline for several weeks, then digital gold can test support at $52,800.
The capitalization of the cryptocurrency market on Monday amounted to 2.51 trillion US dollars against 2.62 on Sunday.
According to the media, US President Joe Biden has nominated the current head of the Federal Reserve System (FRS) Jerome Powell for a second term. At the same time, Leil Brainard was nominated for the position of his deputy. Powell's four-year term as head of the Fed expires in February 2022. Notable for the cryptocurrency market is Powell's statement that bitcoin will cease to be necessary after the advent of the digital dollar.
Digital gold could show another decline this week if the US dollar strengthens significantly. Market participants are waiting for the publication of important statistics. In the US, data on the secondary housing market, the business activity index (PMI) in the manufacturing sector, the volume of orders for durable goods and GDP for the third quarter will be released. These data can be a driver of the growth of trading activity in financial markets, including the cryptocurrency market.