The crypto market has come under intense pressure in the past few weeks, with liquidations soaring and profit-taking among investors accelerating. This article looks at some of the most important crypto news that will move the industry this week.
TOKEN2049 Event Will Be The Top Crypto News of the Week
The main crypto news event of the week will be the TOKEN2049 event in Singapore, taking place between October 1 and 2. This is a significant event featuring hundreds of international speakers and thousands of attendees.
Hundreds of companies will also be showcasing their products. Some of the top speakers will include Vlad Tenev, founder and CEO of Robinhood; Tom Lee, founder of Fundstrat; Arthur Hayes, Star Xu, founder of OKX; and Donald Trump Jr.
The other notable founders and CEOs who will be speaking at this event are from companies such as Consensys, Hyperliquid, Cardano, AAVE, Cantor Fitzgerald, and Ava Labs.
There is usually a lot of crypto news that comes out whenever such major events happen. However, the main risk is that the current speakers are mostly the same ones who spoke in the last TOKEN2049 and Consensus events.
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US Non-Farm Payrolls Data
The other important crypto news will come from the United States, where the Bureau of Labor Statistics (BLS) will publish the latest nonfarm payrolls numbers on Friday.
The NFP numbers are important because they have noteworthy implications for the Federal Reserve when it makes its interest rate decisions. It is one of the Fed’s dual mandates, alongside inflation.
Based on the recent reports, the Federal Reserve is now focusing on the labor market, which has deteriorated substantially in the past few months.
At the same time, some Fed officials are warning about inflation, which has remained above the Fed target of 2.0% for four years.
As such, another weak jobs report means that the Fed will continue cutting interest rates. A stronger-than-expected jobs report will push odds of interest rate cuts downwards.
Major Token Unlocks
The other important crypto news this week will be the upcoming token unlocks, which will see tokens worth over $284 million released in the market.
Zora, the fast-growing social network on the Base Blockchain, is expected to be one of the top coins with token unlocks this week. It will release tokens worth roughly $9.54 million, equivalent to 2.75% of the total float.
Celo, a layer-1 network worth $145 million, will unlock tokens worth over $420,000. The other top tokens that will have monthly token unlocks are Sui and EigenLayer.
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