This week in crypto, the market is bracing for an array of pivotal events: from crucial policy speeches to major network upgrades. Here’s an in-depth look at the top coins and key events you can’t miss this week.
#1 Bitcoin And Crypto: All Eyes On Jerome Powell
In the weekly chart, the Bitcoin price has confirmed its first higher-high and higher-low for the first time in six months with Sunday’s close. With this bullish setup, the crypto market is awaiting a Jerome Powell speech today, September 30.
‘BTC didn’t make a higher high’
Ok then explain this weekly chart pic.twitter.com/43kwiPVCwI
— CRG (@MacroCRG) September 29, 2024
The chair of the US Federal Reserve will deliver his remarks as part of a broader dialogue at the National Association for Business Economics conference at 17:00 GMT. Powell is expected to offer new insights into the next interest rate decision at the Federal Open Market Committee (FOMC) meeting which is scheduled for November 6-7, 2024.
The potential for another rate cut, particularly a significant one similar to the 50 basis points reduction executed on September 18, could be bullish fuel for Bitcoin and crypto. Analysts predict that Powell’s comments could either catalyze an upward trajectory or dampen the recent gains depending on the tone and content of the fiscal policy outlook he provides.
#2 Will Ripple Vs. SEC Finally End This Week?
The legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC) is approaching its potential end. The SEC has only until October 7 to appeal the district court’s favorable ruling for Ripple.
However, rumors have it that the SEC is going to appeal the ruling. A former SEC lawyer who recently left the agency told FOX Business that the SEC will ‘probably’ appeal Judge Torres’s July 2023 ruling concerning the XRP programmatic sales in the Ripple case partly because: “everyone over there [at the SEC] truly believes that the decision is wrong, that it’s not good law, and should be appealed.”
#3 Avalanche’s Largest Upgrade
Avalanche is gearing up for its most ambitious upgrade to date, dubbed Avalanche9000, announced by Emin Gün Sirer, founder and CEO of AVA Labs. This major development is expected to launch during the Avalanche Summit Latam scheduled for October 16 to 18 in Buenos Aires, Argentina.
The upgrade promises to significantly enhance the efficiency and cost-effectiveness of launching projects on the Avalanche network. A key component of Avalanche9000 is the emphasis on subnets—customizable Layer 1 chains designed to tailor blockchain environments for specific use cases. The upgrade will also feature a $40 million grant program, Retro9000, aimed at supporting early builders, and Bounty900, a fund for developers to encourage innovation on the platform.
#4 Eigenlayer: Enabling Token Transferability
Eigenlayer will mark a pivotal development on September 30 by making its EIGEN token transferable, introducing a new dynamic to its ecosystem. According to crypto research firm Kairos Research, the initial circulating supply of EIGEN will stand at approximately 200 million tokens. The complex interplay of claimed and restaked tokens reduces the effective float to around 40.43 million EIGEN, valued at $155 million at pre-market prices, which equates to an FDV of $6.42 billion.
This relatively small float could lead to significant price volatility as the market adjusts to the new available supply. Additionally, the ongoing distribution from Stakedrop 2 and programmatic incentives are set to release further tokens into the circulation, gradually increasing the supply over the next year.
Tuesday is an important day for $EIGEN, as transfers will be enabled.
In the reply post below, you can find an outline of the token utility for $EIGEN, but the market side of the equation is vital for creating a wholistic understanding of the token.
Here’s what you need to… pic.twitter.com/bih62mPQna
— Kairos Research (@Kairos_Res) September 30, 2024
#5 Sui (SUI) Token Unlock
The unlock of $100M worth of Sui tokens, primarily allocated to early investors, is scheduled for October 1. This event is closely watched by crypto market analysts and investors alike, as previous similar events have led to increased volatility and price adjustments.
Nology, a crypto analyst, suggests that while the unlock is widely anticipated and thus potentially already priced into the market, the actual movements in SUI’s price will provide real-time insights into market sentiment and investor behavior during such unlocks.
This will be the best example of show me the charts I’ll tell you the news.
If everyone knows about #SUI‘s Oct 1st Token Unlock, does it matter?
What I will say is that the chart matters more. $SUI has had a fantastic run up, but its barely had any pause. I also think we’re… https://t.co/Ese7l8II8Z pic.twitter.com/0MWk85Tlf8
— Nology (@nology3000) September 30, 2024
At press time, Bitcoin traded at $63,988.
