This Week in Crypto: Layer-2 Blockchain WorldChain Debuts, BRICS to Discuss Digital Currency Implementation

October's fourth week holds no significant events like a FOMC meeting – however, minor events and updates to the cryptocurrency sector could have an impact.

The fourth week of October doesn't have any major events like a FOMC meeting – but some minor events and updates to the cryptocurrency sector could have an impact and display interesting investment opportunities for last-quarter yields.

Monday, October 21

Two FOMC members will be speaking on the 21st, Minneapolis Fed President Neel Kashkari and Federal Reserve Bank of San Francisco President and Chief Executive Officer Mary Daly.

While highly unlikely that any of them spill the beans regarding an upcoming interest rate decision, they could share hints about what to expect at the upcoming FOMC meeting in November.

Also, the Conference Board is releasing the United States Leading Index – a report on how the economy is doing regarding the potential for growth, job numbers, the state of the manufacturing industry, and other key indicators. Again, the Leading Index is yet another useful tool for understanding what to expect from future U.S. interest rate announcements.

In the crypto market, October 21 marks the debut of a new Layer-2 blockchain, “WorldChain,” developed by Sam Altman's crypto project, “WorldCoin”.

Tuesday, October 22

On Tuesday, Several BRICS members will attend the summit held in Kazan, Russia. This will be the first time the block's new members (Egypt, Iran, the United Arab Emirates, Saudi Arabia, and Ethiopia) will attend the meeting alongside Brazil, Russia, India, China, and South Africa.

This is likely to be the event that will have the most impact on crypto assets on this date given that recently, President Putin announced that BRICS will implement more use of digital currencies, aiming to reduce dependency on the U.S. Dollar.

Meanwhile, Japan will release its monthly BOJ Core CPI – showing how the nation's prices of goods and services are doing, and how Japan is handling inflation.

Wednesday, October 23

The Bank of Canada (BoC) will release an update to the nation regarding the interest rate decision moving forward.

While this announcement doesn't have the same impact as a FOMC interest rate decision – it shares a better understanding of inflation in North America and can influence market trends moving forward.

In the U.S., the National Association of Realtors (NAR) will update the data for existing home sales – which measures the yearly change in home sales and is a powerful economic indicator to measure the strength of the housing market and overall economic health.

Meanwhile, the crypto project “Ethena” will unlock 0.47% of the circulating supply at 7 AM (UTC) – And Render Network is scheduled to complete its migration from Ethereum Blockchain to Solana under a new SOL-based token $RENDER.

Thursday, October 24

Thursday, there will be several reports on the state of U.S. employment. The Department of Labor will release the data for Initial Jobless Claims, an important indicator of understanding the current state of unemployment in the United States.

Also, the Manufacturing PMI will reveal how America is doing in the manufacturing sector, and also reveal if the industry is in expansion or contraction.

In crypto, Boba Network (BOBA) will implement a hard fork, while Cardano will be holding a meetup in New York to discuss the future of the platform.

Friday, October 25

Durable Goods Order will share how much was spent on “longlasting manufactured goods” like machinery, vehicles, airplanes, etc.

This report helps us understand how hot the U.S. economy is, and the likelihood of a spike in inflation or economic activity.

Conclusion

The upcoming week is unlikely to hold any major events that by itself will have a huge impact on the market. However, October 21-25 will have several smaller updates that help us get a glimpse of what to expect by November.