3 Things That Could Move Crypto Markets This Week

Crypto markets were pulling back heavily during Monday morning trading in Asia, the level they fall may be influenced by this week’s economic events.

This week features eleven Federal Reserve speaker events and a slew of economic data that could set the stage for the final quarter as the third quarter winds down.

Economic events from September 30 to October 4

Fed Chairman Jerome Powell will discuss the US economic outlook at a National Business Economics Association conference on Monday, September 30. The outlook for another big rate cut in November may also become a little clearer this week when employment data is released.

The September ISM Manufacturing PMI report is due on Tuesday. The data shows trading conditions in the US manufacturing sector, providing a meaningful indicator of overall economic conditions. PMIs are primary indicators for assessing the state of the economy and helping to anticipate changing economic trends.

Two reports of employment data will be released on Tuesday and Wednesday, and initial jobless claims data will be available on Thursday.

Thursday will also see the release of the September ISM Services PMI report showing business conditions in the services sector, which contributes more than 70% of US GDP.

By the end of the week, the September employment report is expected to show a healthy labor market. Friday’s nonfarm payrolls and unemployment reports provide the number of new jobs created in the previous month and the percentage of people actively looking for work.

Key events this week:

1. Fed Chairman Powell speaks on Monday

2. September ISM manufacturing data – Tuesday

3. Job data JOLTs – Tuesday

4. ADP Non-Farm Employment Data – Wednesday

5. October Meeting of OPEC – Wednesday

6. Initial unemployment claims – Thursday

7. Employment report for September…

— Kobeissi Letter (@KobeissiLetter) September 29, 2024

The US central bank pays close attention to employment data as it factors changes in the labor market when determining its policy decisions.

“We expect a robust headline print for September non-farm payrolls, which could even reignite talk of a ‘no-land’ for the US economy,” Bloomberg analysts commented.

Withdrawal from Crypto Markets

Crypto markets are deep in the red as the last day of September begins trading in Asia. The total market capitalization has fallen more than 3% in the last few hours in a fall to $2.37 trillion.

Bitcoin was taking the brunt of the declines, falling from $66,000 to below $64,400 at the time of writing, where it found temporary support. The next leg down would take BTC down to support $63,000 if the selloff continues.

Ethereum had lost a similar amount, falling to $2,600 during Asian trading on Monday morning. Altcoins were taking the biggest losses as usual, with Binance Coin (BNB), Dogecoin (DOGE) and Shiba Inu (SHIB) taking the biggest hits.

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