3 things that could move the crypto market this week

Cryptocurrency markets fell sharply during early Monday trading in Asia, but how far they fall could be influenced by this week's economic events.

There are 11 Federal Reserve speaker events this week, and as the third quarter draws to a close, there will be a slew of economic data that could determine how the final quarter unfolds.

Economic event September 30th to October 4th

Federal Reserve Chairman Jerome Powell will discuss the U.S. economic outlook at the National Association for Business Economics conference on Monday, September 30th. The outlook for further interest rate cuts in November may become a little clearer this week when employment data is released.

The ISM Manufacturing PMI report for September will be released on Tuesday. This data shows the performance of the U.S. manufacturing industry and is an important indicator of the overall state of the economy. PMI is a leading indicator that helps assess the state of the economy and predict changes in economic trends.

Two jobs reports are scheduled for Tuesday and Wednesday, with the first jobless claims data expected to be released on Thursday.

Thursday will also see the release of the ISM Services PMI report for September, which will show how the services sector, which accounts for more than 70% of U.S. GDP, is doing well.

The September employment report, due at the weekend, is expected to show the health of the labor market. Friday's Nonfarm Payrolls and Unemployment Report shows the number of new jobs created in the past month and the percentage of people actively seeking employment.

This week's main events:

1. Fed Chairman Powell Speech – Monday

2. September ISM Manufacturing Data – Tuesday

3. JOLTs Job Data – Tuesday

4. ADP Nonfarm Employment Data – Wednesday

5. October OPEC meeting – Wednesday

6. First Unemployment Claim – Thursday

7. September Employment Report…

— Kobeissi Letter (@KobeissiLetter) September 29, 2024

The U.S. central bank pays close attention to employment statistics as it takes into account changes in the labor market when making policy decisions.

“We expect September non-farm payrolls headlines to be solid, which could even re-emerge talk of a 'no-landing' for the U.S. economy,” Bloomberg analysts said in a statement. .

Crypto Market Retreat

Cryptocurrency markets are in the red as the last day of trading in September begins in Asia. Its market capitalization has fallen more than 3% in the past few hours to $2.37 trillion.

Bitcoin bore the brunt of the decline, plummeting from $66,000 to below $64,400 at the time of writing, where it found temporary support. If the decline continues, Bitcoin will drop to the $63,000 support in the next leg.

Ethereum lost a similar amount, falling to $2,600 in Asian trading on Monday morning. Altcoins suffered big losses as usual, with Binance Coin (BNB), Dogecoin (DOGE), and Shiba Inu (SHIB) suffering bigger losses.