Bitcoin pressed into uncharted area, the Fed goes back to the spotlight midweek, and the federal government shutdown threatens to silence essential macro signals.
Bitcoin Back at All-Time Highs
Bitcoin (Crypto: BTC) broke through its previous all-time high of $124,533 on August 13, setting a brand-new record at $ 125,750 The breakout highlights growing optimism around digital properties as the stablecoin market is predicted to 7x by 2030, leading the way for real-world crypto usage cases in payments, settlement, and tokenized properties.
The relocation likewise raised mining-related names … the biggest miners continue to depend on ASIC chips from Canaan( NASDAQ: CAN), which saw its stock dive 65% recently and 85% in 1 month, as need rose. Canaan’s hardware sits at the heart of lots of high-efficiency rigs powering the existing Bitcoin cycle.
Fed Update & & Powell at the Podium, Again
The Fed minutes get here Wednesday, October 8 at 2:00 p.m. ET, offering traders another kept reading the reserve bank’s internal argument over rates and inflation. Markets usually deal with these as tone checks instead of drivers, so volatility must remain included unless the language mean faster cuts or a more powerful “greater for longer” predisposition. Jerome Powell follows on Thursday with welcome remarks at the Neighborhood Bank Conference, a scripted occasion not likely to bring surprises … unless he insinuates commentary on inflation or monetary tension.
Shutdown & & Data Watch
Friday’s tasks report ( non-farm payrolls and joblessness) remains in jeopardy as the federal government shutdown suspends BLS operations. With information collection stopped briefly, the main release will not drop unless financing resumes.
That leaves markets without their typical labor signal, requiring traders to depend on ADP and personal proxies rather. The lack of main information might cool short-term volatility however raises unpredictability heading into the weekend.
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Benzinga Disclaimer: This post is from an unsettled external factor. It does not represent Benzinga’s reporting and has actually not been modified for material or precision.