Crypto Markets on Standby for this Week’s Economic Events

A busy economic calendar lies ahead this week with the Federal Reserve and oil prices in the spotlight. Moreover, crypto markets have been climbing over the weekend, but can the momentum be maintained? 

On October 2, macroeconomics outlet The Kobeissi Letter listed this week’s key economic events for the United States. Moreover, a government shutdown was averted over the weekend. 

Oil Prices, SBF Trial, and Potential ETH ETF Launch 

Federal Reserve chair Jerome Powell and his European Central Bank counterpart Christine Lagarde are both due to speak in the coming week. 

Powell will join Philadelphia Fed President Patrick Harker for a round-table discussion. They will address workers and small-business leaders on Monday, October 2.  

ISM manufacturing index figures are also due on Monday and a minor increase has been predicted. Also known as the purchasing managers’ index, the figures are a monthly indicator of US economic activity. 

Tuesday has the latest jobs data, which is expected to remain unchanged. Moreover, there is an OPEC meeting on Wednesday where oil output policy will be addressed, but no changes are expected. Oil prices have surged to their highest levels this year, partly due to OPEC output cuts and rising demand.

Thursday and Friday will see the latest employment figures released, which are expected to improve marginally from the previous month. The Kobeissi Letter noted,

“With 13 Fed speakers this week, we expect even more volatility.”

Crypto Market Outlook 

Furthermore, the high-profile Sam Bankman-Fried trial begins on October 3. Observers have cautioned that mainstream media is likely to sensationalize the trial to demonize crypto again, bringing back bad memories from the FTX collapse almost a year ago.

Late last week, derivatives experts also predicted that the first US Ethereum futures ETF would be greenlit this week. 

Crypto markets have made some progress, with weekend momentum pushing total capitalization to a six-week high of $1.15 trillion.

Around $40 billion has poured back into crypto over the weekend as markets gained 3% on the day. 

Bitcoin has surged 3.8% on the day, topping $28,000 for the first time since August 17. However, the asset faces heavy resistance at this level. Ethereum is up 3.3% on the day to trade at $1,729 at the time of writing. 

The week’s economic calendar does not directly impact crypto, but momentum could continue should technical resistance levels be overcome.