The cryptocurrency world is buzzing with a fresh wave of optimism as leading cryptocurrencies demonstrate significant gains. Beyond just numbers, several factors are believed to be driving this positive momentum. Here’s a breakdown.
A Week Packed with Economic Events
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. 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. This significant assembly 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.
Anticipation of Employment Figures
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.
Ethereum Futures ETF – The New Kid on the Block
The crypto fraternity is buzzing with rumors. Speculation is rife 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.
The Uptober Effect
In the crypto lexicon, 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.