Major Events Affecting the Crypto market in September
September might be a significant month for the cryptocurrency market, with critical events such as presidential debates and Federal Reserve decisions scheduled.
September has traditionally been a challenging month for the cryptocurrency market. Bitcoin plummeted to between $26,000 and $27,000 in September 2023. A similar situation occurred in 2022, when BTC plummeted as low as $18,000 and traded in the area of $22,000 throughout the market collapse.
Interestingly, Bitcoin, which peaked in 2021, dropped to between $41,000 and $48,000 in September. However, a number of events scheduled for September have the potential to effect
The whole cryptocurrency market.
The Bureau of Labour Statistics’ jobs data could have an impact on cryptocurrency.
The impending jobs report by the Bureau of Labour Statistics is one of the big events scheduled for September 6.
Previous reports have demonstrated that they can influence the cryptocurrency market. This is backed by a dip in Bitcoin and Ethereum prices following the August report.
Another notable occasion is the presidential debate between Vice President Kamala Harris and former President Donald Trump. This is scheduled for September 10 and might have an impact on the crypto business given the candidates’ opposing views on the subject.
The FED is likely to lower interest rates on September 18.
The Federal Reserve’s forthcoming interest rate decision might have an impact on both the cryptocurrency and regular markets. The market anticipates an interest rate drop of 25 to 50 basis points.
According to OTC Capital CEO Brian Dixon, even though 67.5% of the market expects a 25 basis point cut from CME Group’s FedWatch tool, a higher-than-expected rate cut might be unfavourable for the market.
Furthermore, the stablecoin sector in Europe is preparing to launch euro-backed stablecoins, like Banking Circle’s EURI and Circle’s EURC. Given the previous volatility, September could be a pivotal month for the cryptocurrency market. However, the market’s precise response can only be analyzed after assessing the outcome of these key events and developments.
- Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
x : cryptomantr