Brent crude fell 3% to about $110 a barrel after a report said President Donald Trump wants to give diplomacy with Iran more time before potentially resuming strikes after Tuesday’s midterms. Gold rose about 1% to roughly $3,910 an ounce, bouncing from its lowest close in more than a year on Friday.
“We believe that given last week’s Fed commentary, macro pressures will continue to keep interest rates high, which will weigh on liquidity for Bitcoin and other cryptocurrencies over the next few months,” Jeff Mei, chief operating officer at crypto exchange BTSE, said in an email to CoinDesk.
“This week we’ll be watching closely to see if tech stocks will rebound or continue their decline from last week. A small rebound may indicate that we’ve already hit the bottom and could present a potential buying opportunity for Bitcoin, which is trading below the $80k mark,” Mei said.
The CLARITY Act is the bill that would set rules for how crypto markets are regulated in the U.S., including which agency oversees which tokens.
Polls close across the U.S. on Tuesday night, which means results will start landing during Wednesday’s Asian trading hours.
“Additionally, US midterm elections this week are likely to have a major impact on markets. While the Democrats are against the CLARITY act, their party winning a majority in Congress could force the Iran conflict to an earlier end, lowering oil prices and inflationary pressures, causing stocks and crypto to rebound,” Mei added.
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