The return of the McDonald's McRib to U.S. menus has sparked discussions among crypto traders regarding a potential link to Bitcoin price growth. However, industry experts from CoinShares and GSR state that there is no causal connection between the sandwich's availability and market performance, dismissing the theory as a humorous coincidence.
Data analysis shows that in only three out of 10 instances of the McRib's return did Bitcoin show clear positive growth. Researchers note that proponents of the theory often ignore cases where the price did not rise or even dropped significantly. Experts compare this belief to other nonsensical market correlations, such as movie release dates.
Currently, Bitcoin is experiencing limited activity, with a 6 percent decline over the past month to $79 750. Analysts suggest the market is in a wait-and-see mode ahead of the Federal Reserve's upcoming interest rate decision. This event is considered a key factor for future price movements alongside upcoming options expiries.
Market analysts highlight three major catalysts for the next two weeks: the Federal Reserve's rate decision on Wednesday, the expiry of $11,69 billion in Bitcoin options on October 30, and the U.S. midterms on November 3. These factors are expected to influence whether Bitcoin maintains its current floor or trends upward.
