Market
Crypto Market Awaits 3 Key US Economic Reports

Crypto markets have several US economic events to look forward to this week after a subdued weekend in which Bitcoin’s (BTC) price failed to breach the $65,000 threshold.
For the most part, all eyes will be on the US labor market as maximum employment falls under the Federal Reserve’s list of mandates.
September’s ISM Manufacturing PMI
September’s ISM Manufacturing PMI will be crucial in gauging economic activity, as the data reflects the health of the manufacturing sectors. The consensus looks for the ISM manufacturing survey to print 47.3 in September, which would signify a rather small change compared to the 47.2 recorded in August.
The September data is due on Tuesday, October 1. The latest 10X Research anticipates anxiety leading up to tomorrow’s release and the ones to follow.
“While most attention has been on US employment data, the ISM Manufacturing Index triggered a 10% market correction during the first week of each of the last three months. Employment data played a crucial role in shaping market sentiment. Weak employment figures fueled recession fears, increasing expectations for Fed rate cuts, while more robust employment data reassured investors that the economy was more resilient than the ISM Manufacturing Index suggested,” the researchers said.
Read more: Crypto Regulation: What Are the Benefits and Drawbacks?
A higher-than-expected PMI, relative to the previous reading of 47.2, indicates a strong economy. If this happens, it could lead to increased investor confidence in traditional markets, potentially prompting them to allocate more capital to riskier assets like cryptocurrencies as a hedge against inflation or market volatility.
ISM Services PMI
Like the manufacturing data, the ISM Services PMI also measures economic activity and is a reflection of the services sector’s health. According to S&P Global’s flash PMI report for September, optimism about service output in the year ahead deteriorated sharply. Specifically, the survey’s future output index fell to its lowest since October 2022.
This dwindling confidence came amid concerns over the outlook for the economy and demand amid uncertainty regarding the Presidential Election.
Expectations are for the Services PMI to rise a touch to 51.7 in September from 51.5 in August. The data is due for release on Thursday, October 3.
If the data comes in higher than expected, it would suggest a strong economy, likely increasing investor confidence in traditional markets. In the same way, investors may be more open to allocating more capital to riskier assets like Bitcoin.
Nonfarm Payrolls and Unemployment Rate
Nonfarm Payrolls (NFP) data is a crucial indicator of labor market health, offering insight into job creation and employment levels. A strong NFP report, reflecting robust job growth, can stimulate consumer spending, drive economic expansion, and increase demand for digital assets.
Conversely, a weaker-than-expected NFP report may spark concerns about economic stability, pushing investors toward alternative assets like cryptocurrencies. The Unemployment Rate, another vital economic measure, reflects the strength of the labor market. A declining unemployment rate often signals a stronger economy, boosting consumer confidence and potentially driving crypto prices higher as individuals diversify their portfolios.
The consensus forecast for September expects 145,000 new nonfarm payrolls, up from 142,000 in August, while the unemployment rate is projected to remain steady at 4.2%.
Read more: How to Protect Yourself From Inflation Using Cryptocurrency
Capital Economics notes that while job growth remains positive, it has slowed compared to previous years, with hiring expectations also declining. Consumer confidence in job security is weakening, as indicated by the Conference Board’s survey, which warns of the unemployment rate potentially rising to 5% later this year.
With the labor market cooling, Capital Economics suggests that persistent underperformance in payroll data could prompt the Federal Reserve to consider an additional 50 basis point (bps) rate cut in November, following a similar cut in September.
Jerome Powell Speech
Markets are also bracing for Federal Reserve chair Jerome Powell’s speech on Monday, September 30. Powell is expected to elaborate on the Fed’s decision to cut its benchmark interest rate by half a percentage point and shed light on the considerations that will frame an expected series of interest rate cuts for the remainder of the year and into 2025.

As crypto markets brace for volatility induced by these US economic events, Bitcoin price remains below the $65,000 threshold. As of this writing, it is trading for $64,531, down 1.63% since Monday’s session opened.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
BNB Springs Back From $531 With Unshaken Bullish Conviction

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Market
XRP Futures Traders Increase Bets on Upside

Over the past week, XRP’s price has remained range-bound amid the broader market’s recovery attempt.
However, with a growing bullish bias toward the altcoin, XRP may be on the brink of breaking free from this range and trending upward. This analysis explains why.
XRP Futures Traders Bet on Upside as Long Positions
The momentum shift towards the bulls has become evident, particularly within the futures market, where long bets on XRP are now surpassing short positions. This is reflected by the token’s XRP’s long/short ratio, which is currently at 1.07.

The long/short ratio measures the proportion of long positions (bets on price increases) to short positions (bets on price declines) in the market.
When its value is below one, it indicates that the number of short positions outweighs long positions in the market, suggesting bearish sentiment or a lack of confidence in the token’s future price performance.
As with XRP, when an asset’s long/short ratio is above one, it means there are more long positions than short ones. It indicates that traders are predominantly bullish on XRP and hints at a higher likelihood of an upward breach of its narrow range.
In addition, XRP’s relative strength index (RSI) has climbed steadily, indicating a gradual rise in demand for the token. The key momentum indicator, at 50.77, currently rests above the neutral line and is in an uptrend.

The RSI indicator measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100. Values above 70 suggest that the asset is overbought and due for a price decline, while values under 30 indicate that the asset is oversold and may witness a rebound.
At 50.77, XRP’s RSI signals a shift toward bullish momentum. It indicates that buying pressure is starting to outweigh selling pressure, and the asset may be poised for further price increases.
XRP Eyes $2.18 Resistance as Bulls Look to Push for $2.29
XRP currently trades at $2.13, just 3% away from its next significant resistance level, $2.18. If buying pressure intensifies and the altcoin successfully flips this price point into a support floor, it could trigger further price growth. In this scenario, XRP could potentially climb to $2.29.

However, if demand weakens and the bears regain control, XRP may remain range-bound. It could even break below the $2.03 support and fall to $1.99.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Optimism, Aztec, and Huma Finance

The crypto market is attempting a recovery, with Bitcoin (BTC) nearing the $90,000 milestone. Amidst improving sentiment, several startups are launching enticing airdrops, providing crypto enthusiasts with opportunities to engage with budding platforms without initial financial input.
This week, we discuss airdrop participation opportunities from three projects with financial backing from renowned investors.
Optimism
Layer-2 blockchain Optimism is one of the top three crypto airdrops this week. The Optimism crypto airdrop comes after the network raised $267.50 million from key investors such as Andreessen Horowitz, Coinbase Ventures, Paradigm, and IDEO CoLab Ventures, among others.
The airdrop concerns a SuperStacks Campaign, which opened on April 16 and will remain until June 30.
“With many chains building as one, a new network structure is emerging to solve fragmentation in Ethereum. This network is modular, interoperable, and composable by default. We call it the Superchain: and it changes everything,” Optimism explained.
Rewards are in the form of points, awarded for interacting with the projects. Airdrop farmers also get rewarded for providing liquidity to superchains, scalable blockchains combined into a single ecosystem to solve Ethereum fragmentation.
Actual tasks bring 10 EXP (experience points) per $1 of daily liquidity. In the past, Optimism held five airdrops, giving away over 265 million tokens.
“You may be eligible for the 6th airdrop without realizing it. In the system, we collect badges as you perform operations on Optimism. However, since it counts your previous operations when you log in, you may have opened many badges.,” one airdrop farmer explained.
This means even minimal effort could yield rewards. However, participating in the Optimism airdrop does not guarantee future rewards. Instead, it only provides an opportunity to earn points.
Aztec
Another top crypto airdrop to watch this week is Aztec, bringing forth a privacy-focused Layer-2 zero-knowledge (ZK) rollup on Ethereum.
Aztec is backed by $119.1 million in funding from investors such as Andreessen Horowitz (a16z), Paradigm, Consensys, and Coinbase Ventures.
The project has garnered significant attention, following talks of a native AZTEC token and a confirmed retroactive airdrop for early users.
On April 17, the network announced the Aztec Sequencer Form, front-running a public testnet. Interested participants were asked to fill out the form to gain early access to the testnet.
Historically, blockchain projects reward testnet participants with tokens. Based on this, Aztec’s funding and investor backing increase the probability of an airdrop.
Huma Finance
This week, the watchlist also includes Huma Finance, the first PayFi (Payment Finance) network built on Solana. The project focuses on transforming global payment settlements using blockchain technology.
Huma Finance launched the second version of point farming, which is available only on the Solana network. Participants can deposit USDC tokens and earn Feathers (points). Notably, no KYC is needed in this version, and more pools are available.
Recently, the project announced social and deposit quests on Galxe, allowing users to complete these quests and try to win a share of $2,000. Notably, participants should have at least lvl 2 of Web3 Passport.
“Huma 2.0 is The Next Wave! Now anyone can earn real yield and stack rewards, exclusively on Solana. New quest is LIVE on Galxe Quest. Join the PayFi movement for a chance to grab a share of $2000 USDC,” the network shared.
The project also launched a point farming program, in which participants can deposit USDC tokens into one of the pools. For this activity, users must pass KYC.
Meanwhile, Huma Finance boasts up to $46.3 million in funds raised from backers such as HashKey Capital, Circle, ParaFi Capital, and Distributed Global.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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