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 Bitcoinâs 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.
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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 â Monday
2. September ISM Manufacturing data â Tuesday
3. JOLTs Jobs data â Tuesday
4. ADP Nonfarm Employment data â Wednesday
5. October OPEC Meeting â Wednesday
6. Initial Jobless Claims â Thursday
7. September Jobs ReportâŠ
â 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 stateâs 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 countryâs financial health.