According to Wu, QCP Capital reported that the second failed assassination attempt on former President Trump, along with the liquidation of $70 million in long positions, led to a downturn in the crypto market. This event contrasts with the market rally seen after a similar incident in July.

The upcoming TOKEN2049 event and the Federal Open Market Committee (FOMC) meeting add further uncertainty to the market this week. Expectations for a 50 basis point rate cut have surged to 59%, driving increased volatility. The implied volatility for Bitcoin (BTC) and Ethereum (ETH) futures jumped by 8% and 20%, respectively.