The cryptocurrency market experienced a significant crash last week, erasing billions of dollars in value. This article explores some of the top crypto news to watch this week and the potential impact.
Summary
- The crypto market will react to key token unlocks worth millions this week.
- Additionally, the US and China trade war will have an impact on the industry.
- There are key deadlines on altcoin ETF approvals this week.
Crypto news: millions in token unlocks
One of the top crypto news this week will be on the upcoming token unlocks. DeFi Llama data shows that tokens worth over $200 million will be unlocked in the next seven days. Bittensor, DeepBook, Arbitrum, ApeCoin, and LayerZero are some of the top tokens on its list.
The actual figure will likely be significantly higher than the one reported by DeFi Llama. CoinMarketCap data shows that there are more tokens with unlocks this week, like Bubblemaps, Babylon, Tezos, Onyxcoin, and Mantra.
Token unlocks are often seen as being bearish for a cryptocurrency because they increase the number of tokens in circulation.
U.S., China trade war
The other main crypto news will be on the recent crash in the industry and the substantial liquidations that happened. The rising geopolitical tensions between the U.S. and China appear to have triggered the crash.
President Trump responded to some provocations by Beijing by announcing a 130% tariff on Chinese goods. He also announced that the U.S. will block the sale of sensitive software to the country.
His announcement followed China’s implementation of measures to limit the supply of rare earth metals. Also, it announced new tariffs on ships docking from the U.S. and an investigation into Qualcomm.
Therefore, traders in the crypto market will watch for more details on this trade war, which comes ahead of the meeting between Donald Trump and Xi Jinping.
Q3 earnings season to impact the crypto market
The other key market news that may impact the industry will be the third-quarter earnings season. This season will start on Tuesday when American companies such as JPMorgan, Citigroup, Wells Fargo, Bank of America, and BlackRock will publish their numbers.
Analysts expect third-quarter earnings growth to be between 8% and 13%. That will mark the ninth consecutive quarter of earnings growth. A 13% earnings growth will mark the fourth straight quarter of double-digit growth.
The U.S. earnings season frequently has a significant impact on the cryptocurrency market. Strong earnings and guidance often boost the stock market, which in turn raises the value of cryptocurrencies.
Crypto ETF approvals
Meanwhile, this week marks the deadline for the approval of most crypto ETFs like Ripple (XRP) and Solana (SOL). Analysts are optimistic that the Securities and Exchange Commission will approve most of these ETFs.
However, it is unclear whether the approval will happen this week as the U.S. government shutdown continues. An approval would be bullish for the crypto market.
Source: https://crypto.news/top-crypto-market-news-that-will-impact-the-industry-this-week/