Forex. Cryptocurrency Forecast for today
Like gold, bitcoin is resuming its role as a safe haven for financial markets. In the Asian session, digital gold stopped at $60,800. The capitalization of the cryptocurrency market on Monday amounted to 2.64 trillion US dollars against 2.52 on Friday. Such a consistent increase in the depth of the market indicates a possible rally at the end of this year.
Recent media reports strengthen the hope for further growth of bitcoin. Mining company Rhodium Enterprises from Delaware (USA) has filed with the U.S. Securities and Exchange Commission (SEC) an application for an IPO on the Nasdaq exchange.
The market is supported by fundamentally strong news, which can create the prospect of strengthening digital assets next year. Payment giant Mastercard will soon announce support for cryptocurrencies in its network. Meanwhile, Goldman Sachs sees an increase in the value of Ethereum to $8000 by the end of the year, if the historical correlation with inflation expectations persists.
This week, the digital asset market will be sensitive to US macro data. The attention of market participants may switch to more significant news. On this day, labor market data from ADP, the Fed's interest rate decision and the US unemployment rate for October will be released.