2 October Crypto Market Analysis: The Role of This Week’s Economic Calendar

Crypto News– In the upcoming week, the economic calendar is packed with significant events, featuring the Federal Reserve and oil prices in the spotlight. Meanwhile, the crypto markets have seen a weekend surge, raising questions about the sustainability of this momentum.

2 October Crypto Market Analysis: The Role of This Week’s Economic Calendar

The Kobeissi Letter, a prominent macroeconomics outlet, highlighted the key economic events scheduled for the United States on October 2. Additionally, a government shutdown was averted over the weekend, alleviating some uncertainties.

Notable figures such as Federal Reserve Chair Jerome Powell and European Central Bank President Christine Lagarde are set to address audiences in the coming week. Powell will participate in a round-table discussion with Philadelphia Fed President Patrick Harker on October 2, where they will engage with workers and small-business leaders.

On Monday, the ISM manufacturing index figures, also known as the purchasing managers’ index, are due, and a minor increase has been projected. These figures serve as a monthly indicator of US economic activity. Tuesday will bring the latest jobs data, expected to remain unchanged. Additionally, Wednesday hosts an OPEC meeting where oil output policy will be discussed, although no significant changes are anticipated. Oil prices have surged to their highest levels this year, partially due to OPEC’s output cuts and increasing demand.

In the realm of crypto, the high-profile Sam Bankman-Fried trial commences on October 3. Observers caution that mainstream media may sensationalize the trial, potentially reigniting negative sentiments surrounding crypto, reminiscent of the FTX collapse almost a year ago.

Towards the end of last week, experts in derivatives predicted that the first US Ethereum futures ETF would receive approval this week.

Crypto markets have displayed positive momentum, with the weekend witnessing a surge that propelled total market capitalization to a six-week high of $1.15 trillion. Approximately $40 billion flowed back into crypto over the weekend, resulting in a 3% gain on the day.