Cryptocurrency analysts named the most important day for the cryptocurrency industry this week

Cryptocurrency experts and social media users believe that October 7, 2022 will be a key day for the cryptocurrency market this week. The US authorities will announce updated data on the unemployment rate and information on public employment in the country. These factors will determine how much the Federal Reserve will raise interest rates in November 2022.

Social media suggests that rates will be increased by 50 basis points, but everyone is waiting for official statements from the agency. Recently, the cryptocurrency market has been reacting extremely strongly to the statements of Fed Chairman Jerome Powell, with rates of flagship digital assets and leading altcoins falling sharply.

Market experts are divided into two camps in their opinions on the future of the industry. Some of them predict rapid growth of the main cryptocurrency BTC and altcoins despite the tense geopolitical and difficult economic situation in the world. Other analysts predict a protracted crisis for the industry. Skeptics note that the cryptocurrency sector will experience a crypto winter in the next few years, which will significantly affect the exchange rate of the top 100 cryptocurrencies.

On September 17, National Economic Council Director Brian Deese and Treasury Secretary Janet Yellen said that the White House, Treasury Department, and other government agencies would support the Fed 's research on the digital dollar. One of the main reasons for the development and launch of a national cryptocurrency in the United States was China’s active efforts to introduce a digital yuan. And on October 1, U.S. Senator Bill Hagerty introduced a bill aimed at protecting cryptocurrency exchanges from illegal actions of the SEC (Securities and Exchange Commission) — the first in the history of the United States. The Digital Trade Clarity Act aims to establish clear standards for the classification of digital assets and related liabilities under current securities laws.