The cryptocurrency market is entering a critical phase with the upcoming release of US employment data. Following last week’s softer US Personal Consumption Expenditures (PCE) inflation figures, these data points will aid market participants in evaluating trends for the fourth quarter.
Focus on US Employment Data
Like global markets, the crypto space eagerly awaits the US employment data releasing next week. Specifically, the US Department of Labor will announce non-farm employment, unemployment rates, and hourly wage data for September on Friday, October 4.
Inflation Data Supports the Market
Last week’s US PCE figures revealed that inflation remains below market expectations, dropping to 2.2%. This scenario increases the likelihood of a softer monetary policy from the US Federal Reserve in upcoming meetings, consequently supporting market optimism.
Fed Officials’ Statements Will Impact the Market
This week, Fed officials Michelle Bowman and Chairman Jerome Powell will speak on September 30. On Tuesday, Fed Governor Lisa Cook will address the public, while Minneapolis and Atlanta Fed Presidents Raphael Bostic will share insights on Thursday. Announcements from these central bank officials could shape market sentiment.
Expectations for “Uptober” Rally in Crypto Market
The positive US PCE inflation data from last week has increased the chance of a 50 basis point rate cut during the Fed’s November meeting. This prospect has sparked debates on whether the cryptocurrency market can maintain its “Uptober” momentum this year.
Historically, October tends to be a positive month for Bitcoin 
$90,533 and leading altcoins. Additionally, there is a generally observed positive momentum in markets during the year’s fourth quarter. With upcoming US elections in November, market sentiment is expected to strengthen, leading many market analysts to remain optimistic about the “Uptober” rally and the overall market in 2024.
