Bitcoin debuted this week with bullish moves ahead of important events that can shape the crypto industry’s future trajectory. On October 29, the next FOMC meeting takes place in the US, and on October 30, the US President, Donald Trump, will meet with China’s President, Xi Jinping, in South Korea.
On October 27, the general crypto market is up by almost 4% in the past 24 hours, having a market cap of over $3.92 trillion.
Bitcoin Reclaimed $116,000 on October 27
Earlier today, Bitcoin price reclaimed $116,000 in an optimistic general crypto market. At the moment of writing this article, Bitcoin is trading above $115,000, up by 3.5% in the past 24 hours.
Bitcoin’s price surge is supported by multiple factors, including rising adoption, continued institutional interest, crypto-friendly policy in the US, the recent CZ pardon by Trump, and an overall optimistic view for the future.
On October 20, Michael Saylor hinted at more Bitcoin acquisitions by Strategy via a post on X, and the US-based BTC ETFs continued to see inflows, recording over $90 million in inflows on October 24, SoSoValue data shows.
This is an important week for Bitcoin and the overall crypto industry, which includes 2 key events.
FOMC Meeting Scheduled for October 29
The next FOMC meeting is scheduled to take place on October 29. During the event, the US Fed is expected to deliver a decision regarding potential interest rate cuts and a QT decision.
The probability for new rate cuts is now at 96.7%, according to data from CME Group.
New interest rate cuts might fuel a rally for Bitcoin and the overall market, as history has shown so far.
Trump Will Meet China’s President Xi Jinping on October 30
Another important event that will take place this week is Trump’s meeting with Xi Jinping, scheduled to take place on October 30.
The BBC reported that the US and China have agreed that the framework of a potential trade deal will be discussed this week when the two presidents will meet in South Korea.
According to the latest reports, the US Treasury Secretary, Scott Bessent, told BBC’s US news partner CBS that he doesn’t anticipate the 100% tariff on Chinese goods previously threatened by Trump coming into force.
If the US-China relations improve, and both nations de-escalate the trade war between two of the world’s largest economies, this will be good for the markets, including crypto.
So far, there are numerous reasons to remain optimistic about Bitcoin and the broader cryptocurrency market.
