Mudrex Crypto Market Outlook | 26 September – October 2 2023


  • World’s watching Japan economic policy unfold
  • The monetary policy of Turkey’s Central Bank affecting crypto
  • SEC fires warning shot for DeFi
  • Biggest winner and loser of the week


September’s Surprise

September has historically been a challenging month for Bitcoin and the broader crypto market. However, this year, we’re witnessing a relatively positive performance in September for BTC and most altcoins. However, the month isn’t over yet. 

Japan’s Economic Shift

Figure 1: Japan’s economic policy to be outlined

Japan’s consideration to slowly exit its zero-interest-rate policy has captured global attention. This move could impact global bond markets, particularly by raising long-term interest rates, potentially influencing crypto markets and beyond. The Kishida administration is starting to face extreme pressure from the population due to the country’s high inflation and the declining yen.

The monetary policy of the Central Bank of the Republic of Turkey

The Turkish lira’s correlation with the crypto market is worth mentioning. The recent interest rate hike by Turkey’s central bank from 25% to 30% affected BTC and other major cryptocurrencies, signaling how monetary policies in different parts of the world can sway crypto trends.

Figure 2: Turkey’s Central Bank to revise interest rates Image: REUTERS/Cagla Gurdogan

SEC’s Watchful Eye

David Hirsch, the head of the Securities and Exchange Commission’s Crypto Assets and Cyber Unit, has issued a warning that more enforcement actions could be on the horizon for the cryptocurrency industry including the DeFi space.

Hirsch’s statement suggests that the SEC is considering bringing charges against various entities within the crypto ecosystem, including brokers, dealers, exchanges, and clearing agencies. The primary focus of these potential charges would revolve around issues related to inadequate disclosures and a failure to register with the regulatory authorities.

 Figure 3: SEC coming after DeFi?

Top gainer of the week: Chainlink (LINK) up by 10% ⬆️

Figure 4: LINK technical analysis


Fundamental Analysis:

The number of daily Chainlink active addresses has hit the highest level since July, which is an indication of the number of users trading the asset. The active addresses staying high during the rally is a positive sign, as it implies that the traders are showing interest in the surge

Technical Analysis:

According to the RSI values, LINK is in the overbought territory. We can anticipate that there will be a correction and key levels of support shall be tested as per the image. 

Oscillator indicators: 5 bearish, 5 neutral, 1 bullish

Moving average indicators: 1 bearish, 1 neutral, 13 bullish

Biggest loser of the week: Toncoin (TON) down by 13.79% ⬇️

Figure 5: TON technical analysis


Fundamental analysis:

Since it went up 30% the last week owing to the partnership with Telegram, it has invited massive buy pressure. This has led to a correction of the price.

Technical analysis:

The buy pressure drove the price momentum up to overbought levels according to the RSI. We anticipate that there will be a correction which shall revisit prior levels.

Oscillator indicators: 2 bearish, 8 neutral, 1 bullish

Moving Average indicators: 3 bearish, 1 neutral, 11 bullish


The cryptocurrency market was marked with important events. The economic policies of Japan and Turkey and their effect on crypto marked this week’s round-up. This was followed by the SEC firing a warning shot at DeFi space.The activity in the market suggests that the market shall test resistance levels before making a move up.


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