FameEX Morning Crypto News Recap | September 30, 2024

Macro Analysis of US Non-Farm Payrolls Report

Last week's US Q2 GDP exceeded expectations, and PCE matched forecasts. The Federal Reserve is likely to consider a 50 basis points interest rate cut this year. This week's attention is on the US September unemployment rate and non-farm employment data, which will provide further insights into the country's economic health and potential monetary policy adjustments.

This week's key events & indicators:

• September 30: 2024 FOMC voting member and Atlanta Fed President Bostic speaks on the economic outlook 

• October 1: Federal Reserve Chairman Powell delivered a speech at the National Association for Business Economics ; the Bank of Japan released a summary of the opinions of the review committee members of the September monetary policy meeting ; the US September ISM manufacturing PMI 

• October 02: U.S. ADP employment in September (10,000 people) 

• Number of initial jobless claims in the United States from October 3 to September 28 (10,000 people) 

• October 04: U.S. unemployment rate in September ; U.S. seasonally adjusted non-farm payrolls in September (10,000 people) 

Bitcoin Set to Form Its First Bullish Engulfing Pattern on Monthly Chart in 18 Months

Bitcoin's monthly chart is nearing its first bullish engulfing pattern in 18 months, with 48 hours left. The last pattern in January 2023 signaled the end of the 2022 bear market. Since hitting a low on September 6, BTC has surged, breaking its previous lower highs, suggesting a strong potential upward trend ahead.

Six Critical Improvements Needed to Maintain U.S. Blockchain Industry Competitiveness

Cryptocurrency industry experts believe the U.S. blockchain sector is trailing behind more advanced regions like Asia. To stay competitive, the U.S. must enhance six critical areas: talent development, banking support, user experience, central bank digital currency (CBDC) integration, international cooperation, and establishing a clearer regulatory framework. These improvements are essential for maintaining the industry's global standing.

CryptoQuant Founder: Smart Regulation Can Boost Web3 and Cryptocurrency Development

CryptoQuant founder Ki Young Ju stated on X that cryptocurrencies and Web3 are legitimate when well regulated. He explained that Web3 enables borderless collaboration and value creation through token-based incentives, acting more as a protocol than a traditional company. This marks a revolutionary change in human cooperation, highlighting the transformative potential of well-regulated Web3 technologies.

OpenAI Plans to Increase ChatGPT Fees and Secure $7 Billion in Financing

OpenAI intends to increase ChatGPT's monthly fee to $22 by year-end and eventually to $44 over the next five years. Investor materials indicate that OpenAI's revenue hit $300 million in August 2024, with expectations of reaching $3.7 billion by year-end, showcasing the company's strong growth trajectory and monetization strategy.

Dutch Regulator Warns of High Cryptocurrency Dumping Risks as MiCAR Takes Effect in December

The Netherlands Financial Market Authority (AFM) warned of high risks associated with cryptocurrency pump-and-dump schemes. According to the AFM's official statement, the Markets in Crypto-Assets Regulation (MiCAR) will take effect on December 30, aiming to mitigate these risks and provide more effective regulation for the cryptocurrency market.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.​