For months, cryptocurrency markets have faced challenging times, as evidenced by metrics showing seller dominance. Positive news-driven fluctuations have been fleeting. In the upcoming days, investors need to be particularly alert to several significant developments, a scenario experienced multiple times previously.
Key Events in Cryptocurrency Markets
With the US markets closed for Labor Day, no major developments occurred today. However, several events this week will be of interest to investors. The surplus supply issue related to Mt Gox is largely resolved. Additionally, the FTX cash return process is expected to conclude by year’s end, potentially bolstering the markets. What are the other notable developments?
What to Expect This Week?
On Wednesday, September 4, significant data releases include the US JOLTS Job Openings and the Fed Beige Book. Chiliz is also set to make a new announcement. Thursday, September 5, will see the release of ADP Non-Farm Employment data and US Services PMI, alongside the Aptos South Korea Event. Friday, September 6, brings US Non-Farm Employment data, Fed speeches, and the IMX Unlocking event.
Concrete Market Inferences
- Monitoring this week’s PMI data will be critical to gauge economic expansion or contraction.
- Employment figures are vital, as the Fed views an unemployment rate above 4.1% as a risk.
- Fed speeches throughout the week will provide crucial insights before the upcoming meeting.
- Any unexpected news from Japan could induce global market fluctuations.
- Historical data suggests September is prone to declines, similar to August.
What’s Next?
Fed members will deliver speeches throughout the week, with markets closely monitoring their final messages before the next meeting. Additionally, potential news from Japan could instigate global fluctuations again. Historical data indicates September is a prime period for downturns, akin to August. Whether we will see a surprise rise amidst these bearish sentiments remains uncertain, underscoring the unpredictable nature of the crypto market.