September could turn out to be a major month for the crypto market as key events like presidential debates and Federal Reserve decisions are set to happen.
September has generally proven to be a tough month for the crypto market. Bitcoin fell to the $26,000 to $27,000 range in September 2023. It was a similar case in 2022 when BTC fell as low as $18,000 and traded in the range of $22,000 amidst the market downturn.
Interestingly, Bitcoin, which peaked in 2021, also saw its price drop to between $41,000 and $48,000 in September. However, a series of events are slated for September that have the potential to affect the overall crypto market.
Bureau of Labor Statistics’ jobs report could affect crypto
The Bureau of Labor Statistics’ upcoming jobs report is one of the major key events that is set to happen on September 6.
Earlier reports have shown that they can move the crypto market. This can be supported by the drop in prices of Bitcoin and Ethereum after the August report.
Another major event is the presidential debate between Vice President Kamala Harris and former President Donald Trump. This is set to happen on September 10 and could affect the crypto industry considering the varying crypto stances of both the candidates.
FED expected to cut interest rates on September 18
The upcoming Federal Reserve interest rate decision could affect the crypto and traditional markets. The market is expecting an interest rate cut of 25 to 50 basis points.
OTC Capital CEO Brian Dixon stated that even though 67.5% of the market expects a 25 BPS cut as per CME Group’s FedWatch tool, a higher than expected rate cut could end up bearish for the market.
Additionally, the stablecoin sector in Europe is set to introduce euro-backed stablecoins, Banking Circle’s EURI and Circle’s EURC. Considering the historical volatility, September could be a crucial month for the crypto market. However, the exact reaction of the market can only be analyzed after assessing the outcome of these key events and developments.
Source: https://www.cryptopolitan.com/major-events-affecting-crypto-in-september/