Here Some Key Events That Will Cause The Crypto Market to Surge This Week
Key Economic Events and Crypto Catalysts to Watch in the Final Week of September
Both the traditional market and the crypto market seem poised for a massive week with several key events taking place. The third week in the month of September promises a lot of key changes in the markets. Here’s what to expect this week in the crypto market.
Countries Adjust Reserves
Last week, the Federal Reserve decided to cut interest rates by 50 basis points, which boosted the crypto market and responded with a rise in prices. There is a notable correlation between the Fed’s funds rate and Bitcoin prices. The Federal Reserve’s interest rate is a key instrument for managing inflation, economic growth, and market liquidity, which affect both traditional financial markets and alternative assets like Bitcoin.
On September 24, in response to the U.S. cutting interest rates, the Australian Federal Reserve will announce its interest rate resolution, which can influence global markets. This could see the value of the Australian dollar rise compared to the US dollar if they decide to leave the interest rate unchanged as many experts believe they would.
September 26 includes the release of U.S. initial jobless claims and the European Central Bank’s President Christine Lagarde’s address. The day after that, September 27, will feature the release of the U.S. core PCE price index and the University of Michigan Consumer Sentiment Index—both of which will play a role in influencing investor behavior as they are key indicators of inflation and consumer confidence.
Also, this week multiple Fed governors are expected to speak, and their statements could both directly and indirectly affect market sentiment, as investors will be looking for hints about future monetary policy.
Outlook for the Crypto Market
The Fed rate cut is bolstering the crypto market as it appears to be recovering from a period of uncertainty, and the overall mood is one of cautious optimism. There is a general belief that crypto markets generally perform better in October, so this week might be a good buying opportunity for long-term investors.
Binance CEO Changpeng Zhao (CZ) will finally be free on September 29 is noteworthy for those who follow the industry. His release from prison following accusations of violations of AML provisions could have implications for Binance and the broader crypto ecosystem, potentially affecting market confidence or triggering news around Binance-related tokens.
