The crypto market is gearing up for a pivotal week, with multiple significant events poised to shape investor sentiment and influence market dynamics. From crucial economic reports to blockchain upgrades, here’s an overview of the key events to watch out for in the upcoming week –
CPI Report – March 12
The eagerly awaited February Consumer Price Index (CPI) report, scheduled for release on March 12, stands as a potential catalyst with the power to impact both crypto and stock markets. Investors are keenly observing whether the inflation reading will prompt the Federal Reserve to consider interest rate cuts.
A positive macroeconomic environment is necessary for sustaining the current bullish momentum in the crypto market. We saw Bitcoin, Ethereum, dogwifhat and other altcoins and memecoins surge significantly this week. Considering past experiences, rising interest rates triggered a crypto winter in 2022.
The bond-market pricing shows that the market believes there is a 62.6% probability of the Fed being the one to execute a rate cut by June. Nevertheless, a delay in the change could result in a negative effect on crypto prices and risk assets.
PPI Report – March 14
On March 14, the PPI report could provide additional information that would help the Fed judge the necessity of a reduction in rate. The PPI shows upward movement, which could have consequences for consumer prices now.
Increased PPI could be a sign of broadening the market outside the region. Cryptocurrencies, mainly Bitcoin, are generally referred to as having the ability to act as an inflation hedge just like other precious traditional assets, such as gold.
Traders and investors in the crypto market are keeping a keen eye on the CPI and PPI data which will then determine the Fed’s potential decision on upcoming rate-hike plans.
Ethereum Dencun Upgrade – March 13
Ethereum’s much-anticipated Dencun Upgrade, set for March 13, marks a significant milestone in the platform’s evolution.
By integrating “Deneb” with the name of a famous tourist destination “Cancun,” the upgrade will lead to improved scalability, security, and network efficiency. Proto-Danksharding and many other EIPs will be introduced, which aim at lowering costs of Layer 2 approaches, improving security measures, and creating a more rewarding staking experience.
EIP-4844 could, conceivably, bring a drastic downfall in Ethereum’s settlement costs quite effectively. This is a significant development in the context of Ethereum’s pursuit of resolving its scalability challenges.
Sam Bankman-Fried’s Sentencing – March 28
Sam Bankman-Fried, the founder of the bankrupt FTX crypto exchange, faces a potential prison sentence of up to 110 years on the 28th of March.
Bitcoin Halving – March – April
Bitcoin halving was predicted to happen earlier on 6th March. Nevertheless, we can expect the Bitcoin halving to take place supposedly around April or May.
“For the previous halving in 2012 and 2016, the market followed by substantial price rise for bitcoin; a bullish narrative for the 2024 halving came up as the market talk”, indicates Rikke Staer, the CEO of Coinify.
Spot Bitcoin ETF Options and Spot Ethereum ETFs – WHEN?
Cryptocurrency traders are anxiously waiting for the arrival of a spot bitcoin ETF options which may be several months away.
On the other hand, the SEC is given a time extension until the end of May to make its decision regarding the first spot ETH ETF applications.
The green signal to the spot Bitcoin ETFs options and the spot Ethereum ETFs being approved are likely to introduce new dynamics in the crypto market.
Regulatory clarity on spot Bitcoin ETF options and potential spot Ethereum ETFs is a key factor driving investor sentiment in the crypto space.
The Fed’s interest rate, the sentencing of SBF and the Bitcoin halving to occur in a few weeks are likely to be the main news stories in the crypto industry, affecting traders’ perceptions and strategies.
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