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crypto market leaders bitcoin and ethereum saw small pullbacks ahead of Federal Reserve Chair Jerome Powell's speech later today and the upcoming release of US jobs data on Friday, October 4.
bitcoin fell more than 1% to trade at $64,538.67 at 3:40 a.m. EST. Ether, the largest altcoin by market capitalization, saw its price fall a fraction, reducing it to $2,637.31, according to CoinMarketCap.
Despite those declines, some analysts remain optimistic that an interest rate cut in the U.S. and a stimulus package in China are possible drivers of a bull run on Uptober.
<img decoding="async" src="https://technicalterrence.com/wp-content/uploads/2024/09/Bitcoin-and-Ethereum-Fall-Ahead-of-Jerome-Powell-Speech-and.jpeg" alt="bitcoin (btc) enters crucial phase tomorrow, says analyst PlanB | CoinMarketCap”/>
China Stimulus and Macroeconomic Factors Could Trigger Next Bull Run
On September 27, btc reached its highest point since July and soared to almost $66,500. This rally was sparked by weaker-than-expected personal consumption expenditure (PCE) data in the United States, and followed news that China was taking steps, including an interest rate cut, to boost its faltering economy.
Despite btc's recent pullback, QCP capital analysts believe the China stimulus and other favorable macroeconomic factors could spark a bull run in risky asset classes like cryptocurrencies.
In a blog post on September 25, analysts said that “the stars are aligning in the macroeconomic environment,” which could push prices higher.
Powell is expected to address the economic outlook today while also providing insight into the Federal Reserve's monetary policy.
Other US Federal Reserve officials are also scheduled to speak this week, which could shape market sentiment after the latest 50 basis point rate cut was decided at the last Federal Open Market Committee meeting.
bitcoin and ethereum ETFs See Net Inflows as Market Watchers Anticipate Another 50 BPS Rate Cut
Spot bitcoin ETFs (exchange-traded funds) in the US continued their streak of net inflows after $494.4 million entered the funds on September 27. btc/”>data from the Farside Investors shows.
This marked the seventh consecutive day of net inflows. Similarly, $58.7 million flowed into ethereum spot ETFs last Friday following a slight outflow of $0.1 million across all eth funds the previous day.
<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”5.7547169811321″>
Since launching on January 11, 2024, US bitcoin Spot ETFs have raised $18.3 billion.https://t.co/04S8jMGl07 https://t.co/zCa56VkCCc pic.twitter.com/mthKR3NXmZ
– Farside Investors (@FarsideUK) twitter.com/FarsideUK/status/1839592449250865332?ref_src=twsrc%5Etfw”>September 27, 2024
Meanwhile, more than 51% of market watchers predict the Federal Reserve will decide on another 50 basis point interest rate cut during its November meeting, according to the CME FedWatch Tool.
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