Get ready for an action-packed week in the crypto market! All eyes are on the U.S. labor market updates and their potential impact on Federal Reserve rate cut expectations. Bitcoin is surging, with recent positive inflation data propelling it to test the $66,000 level. But that’s not all – Ethereum is outpacing Bitcoin and could hit $3,000 soon!
As we eagerly await the upcoming employment reports, the market is buzzing with anticipation. The U.S. labor market indicators, including JOLTs, ADP, and the unemployment rate, will be the talk of the town. Strong performance in these metrics could pave the way for a 50bps cut in November, sending risk assets soaring.
Investor sentiment is already through the roof, as evidenced by the massive inflows into U.S. Bitcoin and Ethereum ETFs. If the labor market data supports rate cuts, we could see Bitcoin soar to $70,000 and Ethereum hitting the $3,000 mark.
But hold on to your seats, because the crypto market is experiencing a wild ride. Early Monday trading saw significant pullbacks, with Bitcoin and Ethereum dropping, and altcoins like Binance Coin, Dogecoin, and Shiba Inu facing steep losses.
As if that’s not enough excitement, we have a jam-packed week ahead with events like Fed Chair Jerome Powell’s speech, ISM Manufacturing PMI report, employment data reports, initial jobless claims data, ISM Services PMI report, and the September jobs report. The stakes are high as these economic events could shape the crypto markets in the final quarter of 2024. Buckle up, because this week is going to be one for the books!
