The cryptocurrency market began the week on a positive note, with Bitcoin and most altcoins reaching their highest levels in two weeks. This article discusses the top crypto news today and the factors that will impact the industry this week.
Crypto News Today: Focus on Federal Reserve
The main reason why the crypto market is doing well today is that the US Bureau of Labor Statistics (BLS) published an encouraging consumer inflation report on Friday.
This report showed that the headline Consumer Price Index (CPI) rose from 2.9% in August to 3.0% in September, lower than the median estimate of 3.1%. Core inflation, which excludes the volatile food and energy prices, dropped from 3.1% to 3.0%.
These numbers mean that the Federal Reserve will cut interest rates by 0.25% on Wednesday this week. The odds of these cuts have jumped to 98% on Polymarket and the CME Fed Futures tool.
Top Crypto Companies’ Earnings
The other key crypto news will be financial results from some of the industry’s top companies.
PayPal, the large payment processing company, will be the first one to publish its financial results on Tuesday. These numbers come as the company is benefiting from the ongoing growth of its stablecoin.
Data on CoinMarketCap shows that the market capitalization of the PYUSD stablecoin has moved from below $1 billion to almost $3 billion today. This makes it the 7th biggest stablecoin in the industry.
The other top crypto company to publish its financial results this week is Coinbase, the biggest crypto exchange in the United States. Its numbers come as its stock remains in a bear market, down 20% from its highest level this year.
The crypto market will also be affected by the results of some big tech companies this week, including Microsoft, Apple, Google, and Amazon.
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Top Token Unlocks
The other major crypto news this week will be token unlocks from some of the industry’s biggest players.
Axelar will unlock 13.5 million AXL tokens on Monday, while Open Campus will release 21 million tokens.
Other top cryptocurrencies with unlocks this week include Somnia, Zora Protocol, and Optimism.
Token unlocks are considered bearish for the crypto industry because they increase the number of tokens in circulation, especially if they are not quickly purchased by traders.
Donald Trump and Xi Jinping Meeting
The other top crypto news will come from South Korea, where Donald Trump will meet with Xi Jinping at the APEC Summit to deliberate on trade issues and possibly cool the elevated temperatures.
China and the US have made some major announcements lately, with Donald Trump threatening a 130% tariff on all goods from the country. That announcement led to a crypto market crash and over $20 billion in liquidations.
China has threatened to raise more issues, including limiting exports of rare earth materials and investigating US companies. Therefore, a deal between the two countries will be bullish for the crypto market as it will reduce tensions.
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