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Crypto market leaders Bitcoin and Ethereum experienced small pullbacks ahead of Federal Reserve Chair Jerome Powell’s speech later today and the upcoming release of US jobs data on Friday, Oct. 4
Bitcoin tumbled more than 1% to trade at $64,538.67 as of 3:40 a.m. EST. Ether, the largest altcoin by market cap, saw its price dip a fraction, taking it down to $2,637.31, according to CoinMarketCap.
Despite those dips, some analysts remain optimistic that an interest rate cut in the US and a package of stimulus measures in China are potential drivers of an Uptober bull run.
China Stimulus And Macroeconomic Factors Could Ignite Next Bull Run
On Sept. 27, BTC reached its highest point since July and soared to nearly $66,500. This rally was ignited by lower-than-expected personal consumption expenditure (PCE) data in the US, and followed news that China was taking measures, including an interest rate cut, to boost its faltering economy.
Despite BTC’s recent pullback, analysts from QCP capital believe that the China stimulus and other favorable macroeconomic factors could lead to a bull run for risky asset classes such as crypto.
In a Sept. 25 blog post, the analysts said that the “stars are aligning in the macro environment,” which could drive prices higher.
Later today, Powell is expected to address the economic outlook while also providing insights into the Federal Reserve’s monetary policy.
Other officials from the US Federal Reserve are scheduled to speak this week as well, which could shape market sentiment after the latest 50 basis points rate cut that was decided at the last meeting of the Federal Open Market Committee.
Bitcoin And Ethereum ETFs Record Net Inflows As Market Observers Anticipate Another 50 BPS Rate Cut
Spot Bitcoin ETFs (exchange-traded funds) in the US continued their net inflow streak after $494.4 million entered the funds on Sept. 27, data from Farside Investors shows.
This marked the 7th consecutive days of net inflows. Similarly, $58.7 million entered spot Ethereum ETFs last Friday following a slight outflow of $0.1 million across all of the ETH funds the previous day.
Since launch on 11 Jan 2024, the US spot Bitcoin ETFs have taken in US$18.3 billion.https://t.co/04S8jMGl07 https://t.co/zCa56VkCCc pic.twitter.com/mthKR3NXmZ
— Farside Investors (@FarsideUK) September 27, 2024
Meanwhile, over 51% of market observers are predicting that the Federal Reserve will decide on another 50 basis points interest rate cut during their November meeting, according to the CME FedWatch Tool.
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