As a seasoned analyst with over two decades of experience in the financial markets under my belt, I have witnessed numerous market cycles and learned to read between the lines when it comes to market predictions. September is shaping up to be an eventful month for the crypto market, with several key events that could significantly impact its trajectory.
To begin September, there was a great deal of anticipation for increased volatility in the cryptocurrency market, as many investors looked forward to a potential bullish rebound in Q4. Notably, the price of Bitcoin (BTC) has spearheaded a modest recovery within the altcoin sector on Monday, following a bearish close at the end of both last week and last month. As per the most recent cryptocurrency price sources, the Bitcoin price was approximately $58,400 during early trading in New York on Monday, representing a rise of nearly 1% over the past 24 hours.
Despite Bitcoin’s recent price rebound above $58k, the apprehension about a potential correction in September persists to some extent. The Fear and Greed Index for Bitcoin has remained around 26%, indicating an extreme sense of fear that more crypto sell-offs could occur, despite the positive movement in the market.
Top Crypto-related Events to Monitor in September
This September promises to be a busy time for the entire cryptocurrency market due to the strong relationship between Bitcoin, alternative coins, and significant stock indices. At the forefront is the expected economic transition in the U.S., following Fed Chair Jerome Powell’s hint of a potential interest rate reduction this month, as he proposed during his speech at Jackson Hole last month.
On September 6, the US Bureau of Labor Statistics will release the unemployment rate, which the Wall Street analyst estimates will be at around 4.2 percent. On September 11, the US Bureau of Labor Statistics will release US Consumer Price Index (CPI) data. On the following day, the US Department of Labor will release the number of individuals who filed for unemployment insurance for the first time during the past week.
The provided figures are expected to have a substantial influence on the Federal Commission’s determination regarding the adjustment of interest rates, effective from September 18th.
🗓 2024 Crypto September Calendar
1st of September: Cardano undergoes the Chang Hardfork
— Layergg (@layerggofficial) September 2, 2024
Leading up to the US General Elections, the 9th of September debate between Donald Trump and Kamala Harris has significant implications for the cryptocurrency sector. Moreover, the hearings on cryptocurrencies scheduled for the 9th and 23rd of September in the U.S. will offer further insight into the regulatory climate surrounding digital currencies.
Regarding the world of altcoins, the teams behind Binance Coin (BNB) and EOS are planning to carry out their network upgrades or forks on September 26th and 25th respectively.
Following a four-month stint behind bars in the U.S., the ex-CEO of Binance, Changpeng Zhao (also known as CZ), is set to walk free on September 29th.
Market Picture
Although there have been significant declines in the cryptocurrency sector, particularly among altcoins, some experts anticipate a significant surge similar to past bullish trends may occur. If the U.S. Federal Reserve reduces interest rates for the first time since the COVID-19 pandemic, the crypto market is expected to see an increase in liquidity over the following months.
As a crypto investor, I find myself reflecting on the serene movements of Bitcoin’s price, which seems to mirror the tranquility before a storm. We are at the tail end of what is known as the “Blue Year,” a significant, subdued phase that serves as the foundation for an explosive “Red Year.”
Previously, this stage has come before record-breaking peaks, such as in 2012, 2016, and 2020. This suggests that a significant increase or rise is imminent on…
— Kyledoops (@kyledoops) September 1, 2024
In time, the cryptocurrency market is expected to reach unprecedented levels as large-scale businesses aim to expand their international activities using the Web3 platform. Significantly, key world economies such as China and Russia are gearing up to participate in the digital currency realm via authorized pathways.
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2024-09-02 17:15