According to PANews, Singapore crypto investment agency QCP Capital said in a statement that the Fed's meeting minutes revealed a hawkish stance, casting doubt on the victory against inflation. Combined with strong employment data, the market raised its expectations for a rate cut in November to 83.7%.
Tonight's Consumer Price Index (CPI) and tomorrow's Producer Price Index (PPI) data are key risk events this week. Major bank earnings reports are also crucial to assessing the strength of the US economy.
Despite the rise in US stocks, the crypto market is seeing renewed selling pressure, possibly due to the Silk Road Bitcoin sell-off and PlusToken Ethereum sell-off news. As long as the $60,000 support level is not broken, we are still optimistic about ‘Uptober’.
