- Key economic data and Federal Reserve insights this week could either amplify or derail the anticipated “Uptober” crypto market rally.
- While the overall crypto market has cooled, specific tokens like ENA and BONK are showing strong gains against the trend.
In our last update in September, we discussed that crypto experts predict price surges for Toncoin (TON) and Yeti Ouro (YETIO) this October. As October approaches, crypto investors are optimistic about significant gains, especially with Bitcoin leading the charge. Historically, October has been a highly profitable month for cryptocurrencies, with data showing that Bitcoin has performed well during this period for the past 13 years.
However, this week holds several critical events that could either fuel the anticipated “Uptober” market rally or derail it. One of the most significant events is a speech from Federal Reserve Chair Jerome Powell, scheduled for Monday at the National Association for Business Economics conference.
Investors are eager to hear Powell’s insights, particularly regarding potential 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, an industry-leading commentary on global capital markets, several major events could influence the market.
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
These reports, especially the ISM Manufacturing PMI and employment data, will provide insights into the U.S. economy’s health and directly affect investor sentiment.
Additionally, job data on Thursday and Friday will shed light on the U.S. employment situation, a critical metric with substantial impact on the crypto market.
Current Market Overview
As of the latest update, the crypto market saw strong bullish activity, contributing to a significant recovery. However, market conditions have cooled slightly, with the global crypto market cap now at $2.25 trillion, down by 2.16%. Furthermore, certain tokens like the failed 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 these key events do not shake the market too much. On the other hand, Bitcoin (BTC) is trading at $63,632.15, with a 3.07% decrease over the past 24 hours and a 0.54% increase in the past week. See BTC price chart below.
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