The cryptocurrency market is buzzing with optimism as leading cryptocurrencies demonstrate significant gains.
The Kobeissi Letter, a renowned macroeconomic source, has shed light on significant economic events in the U.S. this week. The anticipated events might have a rippling effect on the crypto world.
Let’s dive into some now, shall we?
A Jam-Packed Week
The U.S. dodged a government shutdown, which always impacts financial market sentiments. Tuesday’s spotlight is on job statistics, which are anticipated to stay stable. Alongside, all eyes will be on Wednesday’s OPEC gathering, which will discuss oil output strategies, but no major policy shifts are predicted.
Given that oil prices are touching sky-high records this year due to OPEC’s calculated cutbacks and the increasing demand, the stability in this arena also fuels positive sentiments in interconnected markets.
Employment Figures and Fed Speakers
The market is keenly awaiting employment numbers set to drop on Thursday and Friday. These stats are foreseen to depict a slight uptick compared to last month. Furthermore, with about 13 Federal Reserve speakers lined up this week, market volatility is expected, which can swing in favor of cryptocurrencies. So investors are feeling giddy about it.
Also Read: Bitcoin Price Analysis: Will the Fed Send It Back to $20,000?
Potential ETF Approval
The crypto fraternity is buzzing with rumors that the first U.S. Ethereum futures ETF might get the regulatory nod this week. Such a development could be a significant catalyst in drawing more investors to the cryptocurrency sphere.
Read More: Bitwise Makes History! Two Ethereum ETFs to Launch on October 2nd
The Uptober Effect
Uptober signifies the typically bullish trend observed in October for Bitcoin and its digital peers. Historical data from CoinGlass suggests that since 2013, October has been a predominantly positive month, with only two instances of negative returns.
To sum it up, from pivotal economic events and employment figures to potential ETF approvals, various factors are setting the stage for a bullish month in the crypto market. With these trends and speculations, investors and enthusiasts have much to watch out for in the coming days.
Are you excited? We sure are!
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Coinpedia – https://coinpedia.org/news/top-reasons-why-the-crypto-market-is-up-today/
