As the third quarter of 2024 draws to a close, the cryptocurrency markets are rather volatile right now.
Several key economic events scheduled for this week could further influence market dynamics.
Understanding these events and their potential impact is crucial to navigate the crypto landscape.
Federal Reserve And Economic Indicators
This week, a series of Federal Reserve events and economic data releases are expected to capture the attention of investors.
The Fed’s decisions and outlooks can significantly influence both traditional and cryptocurrency markets.
On Monday, 30 September 2024, Fed Chair Jerome Powell will discuss the US economic outlook at a conference. His insights into future monetary policy, especially regarding interest rate cuts, could sway investor sentiment across markets.
Powell is set to speak as economists raise concerns over risks arising from potential policy missteps and 2024 election. 1:55pm et pic.twitter.com/4uyj7aiPg7
— Benzinga (@Benzinga) September 30, 2024
The ISM Manufacturing PMI report on Tuesday, 1 October 2024, and the Services PMI report on Thursday, 3 October 2024, will provide insights into business conditions in these sectors, which are critical components of the US economy.
These reports serve as leading indicators of economic health, potentially affecting market expectations.
Employment figures, including JOLTs jobs data on Tuesday, ADP Nonfarm Employment data on Wednesday, 2 October 2024, and the September Jobs Report on Friday, 4 October 2024, will offer a comprehensive view of the labor market’s strength.
Strong employment data might reduce chances of aggressive rate cuts by the Fed, impacting market liquidity and risk appetite.
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Will Bearish Sentiments Persist?
The crypto market has been experiencing a downturn as September ends.
Bitcoin has dropped from $66,000 to below $64,400, with potential further declines if bearish sentiments persist.
Ethereum and major altcoins like Binance Coin (BNB), Dogecoin (DOGE), and Shiba Inu (SHIB) have also seen significant losses
To conclude, you should pay close attention to any changes in monetary policy direction indicated by Fed speakers throughout the week. Meanwhile, key economic indicators such as employment data and PMI reports will provide insights into the broader economic landscape, influencing investment strategies.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
