HomeNewsCrypto's Make-or-Break Events: Jerome Powell, BlackRock, and FTX Impact Bitcoin and Ripple...

Crypto’s Make-or-Break Events: Jerome Powell, BlackRock, and FTX Impact Bitcoin and Ripple (XRP) Prices

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  • Federal Reserve Chair Jerome Powell and Philadelphia Fed President Patrick Harker slated for a critical round-table discussion, amid a busy economic calendar.
  • Radiant Capital’s launch on the Ethereum platform, alongside other notable cryptocurrency events, may introduce fresh market dynamics.

Macro and Crypto Worlds Intersect

As the week unfolds, the blend of macroeconomic events and crypto-specific developments is about to take center stage. Federal Reserve Chair Jerome Powell and Philadelphia Fed President Patrick Harker are poised for a round-table discussion addressing workers and small-business leaders on Monday. Concurrently, the crypto realm is buzzing with multiple pivotal events.

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Economic Talks Amid Crypto Rises

On the economic front, the ISM Manufacturing Index figures due on Monday are predicted to reflect a minor increase. This index, also known as the Purchasing Managers’ Index (PMI), is a crucial indicator of US economic activity. As the economic calendar reveals more, from jobs data on Tuesday to OPEC’s meeting on Wednesday concerning oil output policy, market watchers remain on the edge.

Moreover, the crypto markets are not in a silo. The much-anticipated Sam Bankman-Fried (SBF) trial commencing on October 3, is drawing eyeballs, with apprehensions of mainstream media potentially distorting the crypto narrative. The trial could rekindle the tormented memories from the FTX collapse nearly a year ago.

Blockchain Ventures Springing to Life

Alongside, the crypto cosmos is set to witness the birth of Radiant Capital on the Ethereum platform, under the ticker $RDNT, come October 3. This debut marks yet another blockchain project making its entrance on the robust Ethereum platform, hinting at Ethereum’s persisting allure despite rising competitors.

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Additionally, whispers around the first US Ethereum futures ETF getting a green light this week add another layer of anticipation among crypto enthusiasts.

Crypto Market Propelled Forward

With a swirl of activities, the crypto markets have seen an uptick, nudging the total capitalization to a six-week high of $1.15 trillion over the weekend. The momentum, riding on the back of these events, saw about $40 billion re-entering the crypto space.

Bitcoin and Ethereum, too, have reflected this upbeat sentiment, surging 3.8% and 3.3% respectively on the day. As Bitcoin reaches for the $28,000 mark and Ethereum trades at $1,729, the intertwined dynamics of macroeconomic discussions and crypto-centric events might just continue to propel the crypto market’s momentum, providing it sails past the technical resistance levels.

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Jack Williams
Jack Williams
As a Blockchain Analyst, I specialize in analyzing the performance of decentralized systems and optimizing their efficiency. Through data analysis, I provide insights on blockchain technology, smart contracts, and cryptocurrencies to help businesses make informed decisions and improve their operations.
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