The crypto market is gearing up for a crucial week, with multiple key events poised to shape investor sentiment and influence market dynamics. From important economic reports to blockchain upgrades, here's an overview of the major events to watch next week.
CPI Report – March 12th
The much-awaited February Consumer Price Index (CPI) report, scheduled to be released on March 12th, is a potential catalyst that will impact both the crypto and stock markets. Investors will be watching to see if the inflation numbers prompt the Fed to consider cutting interest rates.
A positive macroeconomic environment is needed to sustain the current bullish momentum in the crypto market. Bitcoin, Ethereum, Dogwifat, and other altcoins and meme coins have seen significant gains this week. Considering past experience, rising interest rates caused the crypto winter of 2022.
Bond market pricing shows that the market believes there is a 62.6% chance that the Fed will cut rates by June. Nevertheless, delays in changes could have a negative impact on cryptocurrency prices and risk assets.
PPI Report – March 14th
The March 14 PPI report could provide additional information to help the Fed determine whether it needs to cut rates. The PPI is showing an upward trend, which could impact consumer prices.
A rise in PPI could be a sign of market expansion outside the region. Cryptocurrencies, primarily Bitcoin, are generally said to have the ability to act as an inflation hedge, similar to other valuable traditional assets such as gold.
Traders and investors in the crypto market are keeping an eye on CPI and PPI data to determine the Fed's potential decision on future interest rate hike plans.
Ethereum Dencun Upgrade – March 13th
Ethereum’s long-awaited Dencun upgrade, scheduled for March 13th, marks an important milestone in the platform’s evolution.
The upgrade will improve scalability, security, and network efficiency by merging Deneb with Cancun, the name of the famous tourist destination. Proto-Danksharding and many other EIPs have been introduced to reduce the cost of layer 2 approaches, improve security measures, and create a more rewarding staking experience.
Most likely, EIP-4844 could very effectively bring down Ethereum payment costs significantly. This is an important development in the Ethereum landscape as it seeks to solve scalability challenges.
Sam Bankman Freed Sentencing – March 28th
Sam Bankman Fried, the founder of bankrupt cryptocurrency exchange FTX, could be sentenced to up to 110 years in prison on March 28th.
Bitcoin Halving – March to April
Bitcoin halving was predicted to occur on March 6th. Nevertheless, we can expect Bitcoin halving to probably occur around April or May.
“During the previous halvings in 2012 and 2016, the market continued to see significant price increases for Bitcoin. A bullish narrative for the 2024 halving has emerged as a market topic,” said Coinify CEO Ricke.・Mr. Shuter points out.
Spot Bitcoin ETF Options and Spot Ethereum ETF – When?
Cryptocurrency traders are anxiously awaiting the arrival of spot Bitcoin ETF options, which could be months away.
Meanwhile, the SEC has been given an extension until the end of May to make a decision on the first Spot ETH ETF application.
The green light for approval of Spot Bitcoin ETF options and Spot Ethereum ETF is likely to bring new dynamics to the crypto market.
Regulatory clarity regarding Spot Bitcoin ETF options and a potential Spot Ethereum ETF are key factors driving investor sentiment in the cryptocurrency space.
Fed interest rates, the SBF ruling, and the upcoming Bitcoin halving in the coming weeks are likely to be major news in the crypto industry and will influence traders' perceptions and strategies.
