Bitcoin and Ethereum Set to Benefit from Q4 Catalysts Amidst Government Shutdown

The US non-farm payrolls data, a crucial catalyst for the crypto market, is in limbo due to the government shutdown. Economists expect the economy added 39,000 jobs in September, up from 22,000 in August. Several significant token unlocks are also happening this week, totaling around $280 million. The start of Q4 is historically bullish for Bitcoin and Ethereum, with average returns of 85% and 23%, respectively. Several key events in Q4 could drive prices higher, including potential altcoin ETF approvals, further Federal Reserve rate cuts, and the Ethereum Fusaka upgrade.

The delayed release of the US non-farm payrolls (NFP) data due to the ongoing government shutdown has sparked a rally in the crypto market, with Ethereum (ETH) reclaiming the $4,500 level. Economists predict the economy added 39,000 jobs in September, up from 22,000 in August, which could prompt the Federal Reserve to cut rates, an action that could accelerate the crypto market rally Ethereum Price Forecast: ETH reclaims $4,500 as delayed economic data could spur crypto rally^[1].

Ethereum reached a two-week high of $4,580 on Friday as the US government's partial shutdown hindered the release of the NFP data for September. The Bureau of Labor Statistics (BLS) postponed the release of the data until further notice due to funding lapses resulting from the shutdown. The delay could create uncertainty for the Federal Reserve (Fed), which relies on labour and other economic statistics for its policy decisions Ethereum Price Forecast: ETH reclaims $4,500 as delayed economic data could spur crypto rally^[1].

Coinbase researchers David Doug and Colin Basco predict that the crypto market could benefit from the delay in economic data. They noted that rising expectations of a rate cut and Gold printing fresh highs as the US Dollar weakens "reduces cash-yield competition for risk assets, which should benefit crypto" Ethereum Price Forecast: ETH reclaims $4,500 as delayed economic data could spur crypto rally^[1].

The US Securities and Exchange Commission (SEC) received filings for over 30 new crypto ETFs yesterday, including products for AAVE, LINK, AVAX, and LTC. This surge in applications comes as the SEC approved new listing standards, simplifying the ETF application process Over 30 Crypto ETFs Filed with the US SEC in One Day^[2].

The approval of these ETFs could significantly impact the crypto market. For instance, the approval of Ethereum ETFs could attract more institutional investors, further driving up the price of ETH. Additionally, the approval of altcoin ETFs could provide more exposure to the crypto market for retail investors.

Several significant token unlocks are also happening this week, totaling around $280 million. The start of Q4 is historically bullish for Bitcoin and Ethereum, with average returns of 85% and 23%, respectively. Several key events in Q4 could drive prices higher, including potential altcoin ETF approvals, further Federal Reserve rate cuts, and the Ethereum Fusaka upgrade.

In conclusion, the delayed NFP data release, combined with the anticipation of rate cuts and the potential approval of crypto ETFs, has sparked a rally in the crypto market. Investors should closely monitor these developments as they could significantly impact the crypto market in the coming weeks.