Top 5 Things that Could Shake The Crypto Market This Week

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As a seasoned researcher with years of experience navigating the volatile crypto landscape, I can’t help but feel a mix of anticipation and trepidation as we approach the final days of September. The crypto market is poised for a potential Uptober rally, but the first week of this month could set the tone.

As we approach the final three months of the year, the cryptocurrency market is gradually gearing up for a potential Bull Run that’s expected to kick off in early to mid-2025. Prior to this, investors could experience an ‘Uptober’ and market rally, which many crypto analysts are predicting. This trend, known as Uptober, is based on Bitcoin‘s historical performance over the last 13 years, showing October as a consistently profitable month. It’s also worth noting that September has shown more bullish signs than initially expected, further fueling anticipation for an even stronger Uptober. However, the first week of this period could either bolster or weaken the market.

5 Things That Could Shake The Crypto Market

30th September signifies the conclusion of the month and the start of a new quarter. This day has gained importance due to Federal Reserve Chair Jerome Powell’s discussion about the US economic outlook at the National Association for Business Economics conference. What makes this conversation noteworthy is that it offers insights into potential rate cuts in November by the Fed Chair. However, a clearer picture will emerge with the release of employment data, scheduled for Wednesday.

This month, the Federal Reserve has implemented a 50 basis point reduction in interest rates, which had a largely favorable effect on the crypto market, causing a brief surge in prices for most cryptocurrencies. Now, attention is focused on this upcoming meeting and whether the Fed will announce further rate cuts.

Key Events This Week:
1. Fed Chair Powell Speaks – Monday
2. September ISM Manufacturing data – Tuesday
3. JOLTs Jobs data – Tuesday
4. ADP Nonfarm Employment data – Wednesday
5. October OPEC Meeting – Wednesday
6. Initial Jobless Claims – Thursday
7. September Jobs Report…
— The Kobeissi Letter (@KobeissiLetter) September 29, 2024

The upcoming Tuesday sees the ISM Manufacturing PMI report, the second major event this week. This report offers insights into the impact of US manufacturing sector’s business conditions on the nation’s economy. It serves as a significant marker of economic fluctuations. Moreover, its results can be felt in the crypto market since it provides information about the country’s financial status.

As an analyst, I’m focusing on the sequence of employment-related data that significantly impact investors’ perspectives. Next up are the JOLDT’s Jobs data due on Tuesday and the ADP Nonfarm Employment data scheduled for Wednesday. Following these, we have the Initial Jobless Claims set for Thursday, and culminating with the September Jobs Report to be released on Friday.

Using these, the report uncovers the count of new job openings in September and the number of job seekers. This is a crucial indicator that significantly impacts the cryptocurrency market.

How Is The Crypto Market Doing Today?

Over the past few days, the bulls have held a strong position in the market, causing a substantial market rebound. However, today, their influence has noticeably decreased, and the global market cap now stands at approximately $2.25 Trillion, having dropped by 2.16%. Despite this decline, trading activity has significantly increased by about 55.7%, currently reaching a volume of around $71.37B.

The influence can be seen on Bitcoin as well, although it fell by 2.74% compared to the last day, its value remains firm above $63K. On the other hand, numerous well-known altcoins have experienced a decline, causing the crypto market map to appear in red.

Top 5 Things that Could Shake The Crypto Market This Week

Despite some tokens experiencing a decline, it’s important to note that not all performance is negative. For instance, the failed FTX exchange token has seen a 60% increase today, while ENA, BONK, and numerous meme coins are also surging. Even Toncoin is bullish, nearing the $6 mark after a week of falling prices. This market shows a mix of losers and winners in the cryptocurrency sphere, but attention has shifted towards Uptober.

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2024-09-30 17:58