The cryptocurrency market entered the last week of September in a state of uncertainty due to bearish sentiment and low demand from large investors.
Traders expect increased volatility due to a number of macroeconomic events.
According to the CoinMarketCap fear and greed index, market sentiment has become anxious again, just as it was before the February capitulation.
Among the important events that will affect the crypto market this week, experts consider the speeches of representatives of the US Federal Reserve to be the main one. There will be five speeches in total, and in each of them analysts and traders will be looking for a clue about the regulator's next move regarding interest rates. At the same time, even minor hints of their decline, inflation forecasts or changes in liquidity can quickly affect the cryptocurrency market.
Another event that awaits the crypto community will happen on September 30th. On this day, FTX Recovery Trust will complete the third allocation of funds, paying $1.6 billion to eligible creditors. Previously, such payments led to sales: after the tranche on February 18, BTC fell by 15% in the following weeks, and after another one on May 30 — by more than 10%.
In addition, important US economic data will be released this week, which will affect the Fed's next interest rate decision. So, on Thursday and Friday, unemployment data will be announced, and on Wednesday, figures on the index of business activity in the manufacturing sector will appear.