A Busy Economic Calendar and Crypto Market Momentum
This week, there are several key economic events to watch, including speeches by Federal Reserve Chair Jerome Powell and European Central Bank President Christine Lagarde. Additionally, the US government shutdown was averted over the weekend.
Oil Prices, SBF Trial, and Potential ETH ETF Launch
On Monday, Powell and Philadelphia Fed President Patrick Harker will participate in a round-table discussion with workers and small-business leaders. The ISM manufacturing index figures will also be released on Monday, providing insights into US economic activity.
Tuesday brings the latest jobs data, which is expected to remain unchanged. On Wednesday, an OPEC meeting will address oil output policy, but no changes are anticipated. Oil prices have reached their highest levels this year due to OPEC output cuts and rising demand.
Thursday and Friday will see the release of the latest employment figures, which are expected to show marginal improvement from the previous month. With 13 Fed speakers scheduled this week, increased volatility is expected.
Crypto Market Outlook
The high-profile trial of Sam Bankman-Fried begins on October 3. There are concerns that mainstream media may sensationalize the trial to demonize crypto. Additionally, experts predict that the first US Ethereum futures ETF could be approved this week.
Crypto markets have experienced positive momentum over the weekend, pushing total capitalization to a six-week high of $1.15 trillion. Approximately $40 billion has flowed back into crypto as markets gained 3% in a day.
Bitcoin has surged 3.8% to surpass $28,000 for the first time since August 17. However, it faces strong resistance at this level. Ethereum is up 3.3% and trading at $1,729.
While the economic calendar does not directly impact crypto, if technical resistance levels are overcome, the momentum in the crypto market could continue.
Hot Take: Crypto Market Momentum on the Rise
This week’s economic events and developments in the crypto market suggest a positive outlook for cryptocurrencies. With key figures speaking and potential approvals for Ethereum futures ETFs, there is increased interest and investment in the crypto space.
The surge in total crypto market capitalization and the positive performance of Bitcoin and Ethereum indicate growing confidence among investors. However, it remains important to monitor any potential negative media coverage or regulatory challenges that may arise.
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