Bitcoin Hits $37K Following Argentina Election, Eyes on Fed Notes

• Bitcoin Surpasses $37,000 Following Election of Pro-Bitcoin Argentine President
• Javier Milei's Stance on Bitcoin
• Artificial Intelligence (AI) Token Sector Witnesses Over 8% Growth
• Notable Upward Trends in AI Tokens
• Anticipated Market Movements in the Crypto Sector
• Impact of Nvidia and Federal Reserve Announcements
• Market Speculations and Predictions

Bitcoin Surpasses $37,000 Following Election of Pro-Bitcoin Argentine President

On Monday, Bitcoin$42,260 -0.64% surged beyond the $37,000 mark, following the election of Javier Milei, a pro-Bitcoin candidate, as the President of Argentina. As a result, the broader cryptocurrency realm experienced nearly a 2% growth in a span of 24 hours.

Javier Milei's Stance on Bitcoin

Javier Milei, renowned for his anarcho-capitalism, has often voiced his support for Bitcoin, dubbing it as the return of money to its original creator, the private sector. Nevertheless, he has not put forth a proposition to legalize the world's largest cryptocurrency in Argentina.

Artificial Intelligence (AI) Token Sector Witnesses Over 8% Growth

The artificial intelligence (AI) token sector also exhibited significant growth, escalating by more than 8%. This is attributed to certain crucial, albeit unrelated, developments in the emerging AI start-ups.

Notable Upward Trends in AI Tokens

Bittensor's TAO experienced a 4.2% hike, boosting a staggering 77% rally over the previous week. Other AI tokens such as Ocean Protocol's OCEAN, Fetch AI's FET, and SingularityNet's AGIX also saw noteworthy gains, as high as 16% within the last 24 hours, thereby outpacing Bitcoin and other major cryptocurrencies. Near Protocol's NEAR soared to 20% and staking platform Lido's LDO rose by 11%.

Anticipated Market Movements in the Crypto Sector

The coming week is likely to be eventful for the crypto sector, with several announcements and events that may influence market movements. One such key event is the release of the U.S. Federal Reserve meeting notes on Tuesday, which are expected to provide a more profound understanding of central bank policy. Given the slowdown in inflation, market participants are seeking reassurance that interest rates have reached their peak.

Impact of Nvidia and Federal Reserve Announcements

Nvidia, a company that has emerged as an emblem of the AI revolution, is scheduled to announce its latest results on Tuesday. The company's declarations are expected to elicit a significant response from the crypto assets. Also, due to the upcoming Thanksgiving holiday and the onset of the Black Friday shopping season, liquidity is expected to dwindle towards the end of the week, which might contribute to market volatility.

Market Speculations and Predictions

Alex Kuptsikevich, an analyst at FxPro, believes that the Federal Reserve might announce rate cuts in the forthcoming months. However, this is likely to happen only if the financial markets undergo a considerable decline. He also anticipates that any downturn in the broader markets could potentially push Bitcoin below $30,000 before triggering another bull cycle.

Edited by Jonathan Stoker