- Key economic data and information from the Federal Reserve this week could either amplify or derail the crypto market’s expected rally “so far.”
- As the overall crypto market has cooled, specific tokens like ENA and BONK are showing strong gains from the trend.
In our last September update, we explained that crypto experts were predicting Toncoin (TON) and Yeti Ouro (YETIO) prices to rise in October. As October approaches, crypto investors are optimistic about significant gains, especially with Bitcoin leading the way. Historically, October has been a very profitable month for cryptocurrencies, with data showing that Bitcoin has performed well during this period over the past 13 years.
However, there are several critical events unfolding this week that could either fuel the expected “Uptober” market rally or derail it. One of the biggest events is Federal Reserve Chairman Jerome Powell’s speech scheduled for Monday at the National Association for Business Economics conference.
Investors are eager to hear Powell’s ideas, particularly regarding possible rate cuts in November. Clarity on this will be further enhanced by employment data to be released midweek.
Major events that could influence the market
According to a recent tweet from The Kobeissi Letter, a leading commentary on global capital markets, several major events could influence the market.
Key events this week:
1. Fed Chairman Powell speaks – Monday
2. ISM manufacturing data for September – Tuesday
3. JOLT Jobs Data – Tuesday
4. ADP Nonfarm Employment Data – Wednesday
5. OPEC October Meeting – Wednesday
6. Initial Unemployment Claims – Thursday
7. September Jobs Report…
– Kobeissi Letter (@KobeissiLetter) September 29, 2024
These reports, particularly the ISM manufacturing PMI and employment data, will provide insight into the health of the US economy and directly affect investor sentiment.
Additionally, Thursday and Friday’s employment data will shed light on the employment situation in the United States, a critical metric having a substantial impact on the crypto market.
Current market overview
Since the last update, the crypto market has seen strong bullish activity, contributing to a significant recovery. However, market conditions have cooled slightly, with the global crypto market cap now sitting at $2.25 trillion, down 2.16%. Additionally, some tokens such as the failing FTX exchange token and meme coins such as ENA and BONK are defying the broader market trend with notable gains.
As the market enters “Uptober,” investors are hoping that these key events won’t shake up the market too much. On the other hand, Bitcoin (BTC) is trading at $63,632.15with a 3.07% decrease over the last 24 hours and a 0.54% increased last week. See the BTC price chart below.
