Cryptos on the Move Ahead of Wall Street Open 📈

Bitcoin is holding its breath around $20,000 and Ether is trading near $1,370. Markets are positioning themselves for the release of tomorrow’s NFP report, which could fuel or bury hopes of a Fed pivot:

  • The cryptocurrency market is seeing a temporary spike triggered by a weaker-than-expected US labor market report, where US jobless claims this week rose nearly 10% above market expectations. analysts, which may indicate a slow slowdown in the economy (inflation will start to fall?) and is fueling bullish expectations of an increasingly weak labor market, which could eventually cause the Federal Reserve to exit its aggressive cycle sooner than it currently assumes (rising unemployment). Still, tomorrow’s NFP reading will play the most important role, as San Francisco Fed Chief Mary Daly has pointed out, among others. As part of this release, tomorrow’s session could cause a spike in volatility in the cryptocurrency market.
  • The Fidelity Investments fund created the Ethereum Index, giving clients the ability to invest in Ether without having to open cryptocurrency accounts. The minimum investment amount is currently $50,000, and the fund has already seen $5 million in inflows since September 26. The Bitwise fund, in turn, created a New York-listed ETF that buys entities involved in the creation of Web3, the Bitwise Web3. ETFs.
  • Hugo Boss joins the Metaverse world: the fashion giant will create a series of NFT tokens as part of its “Embrace Your Emotions” line. The NFT token will allow holders to enjoy a 10% discount on all Hugo Boss products in stores around the world. The case demonstrates the business opportunities behind linking NFT metaverses to real-world products; Nike also has similar promotional and marketing experiences under its belt;
  • Florian Grummes, who runs Midas Touch Consultign, expects Bitcoin to break out of consolidation. A strong US Dollar could support a decline in the strength of cryptocurrencies and drive them to new lows despite positive signs from an on-chain or technical analysis perspective.
  • On the other hand, one of the leading commodity market analysts, Mike McGlone, is still bullish on Bitcoin. He cited, among other things, BTC’s lower volatility ever against the Bloomberg Commodity Index and a possible “spike” in commodity valuations as arguments for a rebound in risk assets. In McGlone’s subjective opinion, BTC is still on its way to becoming digital gold, and higher volatility increases the chances of strong upsides.

Ethereum, M30. The SMA50 has crossed below the SMA200 on the 30-minute interval, which confirms the advantage of the short-term buyers. The 50-session average fell below the 200-session average on September 15, following the success of “The Merge.” Over the past few weeks, the SMA50 has struggled to stay above the SMA200 in a sustained manner, finally managing to do so on October 4th, the formation is referred to as a “Golden Cross”, however, due to the short unit of time (30 minutes), this crossing of moving averages is not significant from the point of view of technical analysis and could be invalidated. The RSI is at 60 points, still far from the euphoric levels above 70 points, which gives ETH room for growth. The bulls are clearly waiting for the open on Wall Street, index futures gained ground after a disappointing release on the US labor market. Source: xStation5

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Cryptos on the Move Ahead of Wall Street Open 📈

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