With the transition to October, users are eyeing heavy gains from the crypto market and Bitcoin, but this week might shake everything down.
The crypto market is only a few hours away from entering the fourth quarter of the year. It is now slowly moving towards the Bull Run, which is supposed to hit the market by the beginning to mid of 2025. However, before that, the investors might witness the uptober and market rally, which is anticipated by hundreds of crypto analysts. It is derived from Bitcoin’s historical data, confirming October being a profitable month almost every time in the last 13 years.
More importantly, September was much more bullish than the earlier assumptions, hyping Uptober even more, but this first week might build or destroy the market.
5 Things That Could Shake The Crypto Market
September 30 marks the end of the month and the beginning of the new quarter. It has become significant as there is a discussion from Fed chair Jerome Powell over the US economic outlook at the National Association for Business Economics conference. What is important about this discussion is that the Fed Chair will provide necessary prospects for the rate cuts in November. However, more clarity will come with the employment data, which will go live on Wednesday.
The Fed has already rolled out 50 bps interest rate cuts this month, whose impact was quite positive in the crypto industry, leading to a temporary price rally for most cryptocurrencies. Now, the eyes are on this meeting and how the Fed will introduce the next 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 second event of the week is the ISM Manufacturing PMI report, which will take place on Tuesday. It will reveal important reports on how the business conditions of the US manufacturing sector are affecting the US state’s economic conditions. It is also a prominent indicator of the changing trends in the economy. Its impact will also be visible in the crypto market as it reveals the country’s financial health.
Third on our list are the two employment data, JOLDT’S Jobs data on Tuesday and the ADP Nonfarm Employment data on Wednesday, which will shape the investor’s sentiments. Moving ahead is the Initial Jobless Claims, scheduled for Thursday, followed by the September Jobs Report on Friday.
With these, the report will reveal the number of newly created jobs during September and how many people are still looking for employment. It is one of the most important metrics and often seriously affects the crypto industry.
How Is The Crypto Market Doing Today?
In the last few days, bulls’ dominance was high in the market, leading to a significant recovery. However, it is comparatively down today, where the global market cap is at $2.25 Trillion after 2.16%, but the trading activity is up by 55.7%, currently at $71.37B.
The impact of this is also visible in Bitcoin, but despite its 2.74% drop from the previous day, Bitcoin price is standing strong above $63K. However, many popular altcoins have faced a drop, staining the crypto market heatmap in red.
However, not all token’s performance is down, as there are many exceptions, keeping the market alive even today. Starting with the failed FTX exchange token, which has gained 60% value today, ENA, BONK, and many other meme coins are also rising. Even the Toncoin is bullish today, closed to the $6 mark after week-long drops. With this, there are a share of losers and gainers in the crypto market, but now the eyes are on Uptober.
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