The upcoming week in the crypto world promises significant events and announcements that could influence market dynamics. Central to this week’s activities are the anticipated U.S. employment figures, which are expected to show a rise in nonfarm payrolls by 39,000. These numbers serve as a vital indicator of the overall health of the U.S. economy and are closely monitored by investors.
On the crypto front, the long-awaited payouts for creditors of the collapsed crypto exchange FTX are set to commence, marking a key moment for those affected by the exchange’s downfall in 2021. Beginning September 30, FTX will disburse part of its $1.6 billion payout plan through platforms such as BitGo, Kraken, and Payoneer, with creditors required to complete requisite KYC and tax documentation to access their funds.
Additionally, Arbitrum, the largest layer-2 solution on Ethereum, is poised to hold a vote concerning the investment of a portion of its idle ETH, currently valued at around $4,166.95. The results of this vote could steer future strategies for this growing blockchain.
Key Events to Monitor:
September 29:
- PancakeSwap is scheduled to discontinue support for its Polygon zkEVM liquidity pools and its Perpetual V1 orderbook. Users are prompted to withdraw their assets by the set deadline.
- Fed Governor Christopher J. Waller will deliver remarks regarding ‘Payments’ in Frankfurt at 7:30 a.m. (ET).
- A roundtable hosted by U.S. agencies, the SEC and CFTC, will focus on regulatory harmonization starting at 1 p.m. (ET).
September 30:
- The much-anticipated initial payouts from FTX will begin. Creditors are advised to ensure compliance with KYC and tax form submission.
- Starknet will launch its BTC staking on the mainnet, allowing wrapped BTC tokens to be staked with a notable 25% consensus weight, alongside a reduced un-staking period of just 7 days.
October 1:
- New U.S. tariffs will come into effect, implementing steep charges on various imported goods, such as a 100% tax on patented drugs lacking U.S. manufacturing.
- An S&P Global Canada Manufacturing PMI report (flash) is expected, providing insights into Canada’s manufacturing landscape.
Macroeconomic Indicators:
Alongside these crypto-focused events, several economic indicators will release that could affect market sentiment:
- The U.S. Job Openings and Labor Turnover Survey (JOLTS) will offer an insight into job availability.
- The U.S. Senate Finance Committee will conduct a hearing to assess the taxation frameworks concerning digital assets.
- Fed Vice Chair Philip N. Jefferson, along with other officials, is set to deliver speeches that will address critical components of monetary policy and economic outlook.
As the week unfolds, participants in the cryptocurrency market will be focused not only on these vital economic statistics but also on how operational changes, such as the FTX payouts, may sway investor sentiment and trading strategies. With global events and economic indicators shaping the environment, traders and investors will remain vigilant as they navigate the complexities of the digital asset landscape.
