Bitcoin's Upward Momentum Stalls Before Key U.S. Job Data

As the week begins on September 28, cryptocurrency investors are witnessing a pause in Bitcoin's recent surge, with the price hovering around BTC$82,742.29, reflecting a decline of approximately 1% since last Friday and a drop exceeding 2% within the last 24 hours from its peak near $84,000.

Market participants are currently processing the recent price increase while shifting their attention towards an eventful macroeconomic calendar, notably following last week’s aggressive interest rate hike by the Federal Reserve, which set the benchmark target rate at 4%.

The upcoming economic indicators include midweek U.S. jobless claims and significant updates on housing and durable goods statistics. Additionally, markets across various asset classes are still assessing the implications of recent policy decisions from both the Bank of Japan and the Bank of England.

Key Events to Monitor

(All times ET)

• Cryptocurrency Developments
  • Sept. 28: Solana will initiate a major upgrade called Alpenglow, transitioning from the TowerBFT to the new Votor protocol aimed at enhancing voting efficiency within the network.
• Macroeconomic Indicators
  • Sept. 29, 9:00 a.m.: U.S. S&P/Case-Shiller Home Price Index Year-over-Year for July is expected to be 2.2% (previously 2.1%).
  • Sept. 30, 8:30 a.m.: U.S. GDP Growth Rate Quarter-over-Quarter Final for Q2 is expected at 1.5% (previously 2.1%).
  • Sept. 30, 8:30 a.m.: U.S. Core PCE Price Index Month-over-Month for August is anticipated at 0.3% (previously 0.2%).
  • Oct. 1, 8:30 a.m.: U.S. Initial Jobless Claims for the week ending September 26 are estimated to be 199K (previously 197K).
  • Oct. 1, 10:00 a.m.: U.S. ISM Manufacturing PMI for September is forecasted at 54.8 (previously 54.6).
  • Oct. 2, 8:30 a.m.: U.S. Nonfarm Payrolls for September are estimated to be 84K (previously 162K).
  • Oct. 2, 8:30 a.m.: U.S. Average Hourly Earnings Month-over-Month for September are expected to be 0.3% (previously 0.3%).
• Earnings Reports
  • No earnings reports are scheduled.

Token-Related Events

• Governance Votes
  • World Liberty Financial is conducting a preliminary vote on its Governance Engagement Incentive Program, proposing a launch date of Oct. 1 to incentivize community voting through token rewards. Voting concludes on Sept. 28.
  • Balancer is voting on a proposal to fork its protocol and shift to a new ecosystem amid potential shutdown risks. This voting ends on Sept. 29.
  • Decentraland is voting on a proposal concerning security measures after over 1,000 Decentraland Names were stolen from user accounts, calling for an immediate investigation and a temporary suspension of related smart-contract activities. Voting will close on Oct. 1.
• Unlocks
  • Sept. 28: Canton CC$0.1379 will unlock 0.38% of its circulating supply, valued at $20.7 million.
  • Sept. 29: Falcon Finance FF$0.1300 will unlock 2.39% of its circulating supply, worth $9.73 million.
• Token Launches
  • No major token launches are confirmed.

Upcoming Conferences

• Sept. 29-Oct. 1: Korea Blockchain Week (Seoul)