Upcoming Crypto Events This Week (March 11th-17th): CPI, Ethereum Upgrade, and Additional Highlights
The cryptocurrency market is preparing for an important week ahead, as several significant events are expected to have a major impact on investor sentiment and market dynamics. From important economic reports to blockchain upgrades, here’s a summary of the key events to watch out for in the coming week.
CPI Report – March 12
The eagerly anticipated February Consumer Price Index (CPI) report, set to be released on March 12, has the potential to affect both the crypto and stock markets. Investors are closely watching to see if the inflation reading will prompt the Federal Reserve to consider cutting interest rates.
A positive macroeconomic environment is essential for sustaining the current bullish momentum in the crypto market. This week, we witnessed significant surges in Bitcoin, Ethereum, dogwifhat, and other altcoins and memecoins. However, history has shown that rising interest rates can trigger a crypto winter, as was the case in 2022.
Bond market pricing indicates that there is a 62.6% probability of the Fed executing a rate cut by June. However, a delay in this decision could have a negative impact on crypto prices and risk assets.
PPI Report – March 14
On March 14, the Producer Price Index (PPI) report could provide additional information to help the Fed determine the need for a rate reduction. The upward movement in the PPI could have implications for consumer prices.
An increase in the PPI could indicate a broadening of the market beyond the region. Cryptocurrencies, particularly Bitcoin, are often referred to as an inflation hedge, similar to traditional assets like gold.
Traders and investors in the crypto market are closely monitoring the CPI and PPI data, as they will influence the Fed’s decision on future rate hike plans.
Ethereum Dencun Upgrade – March 13
The highly anticipated Dencun Upgrade for Ethereum, scheduled for March 13, represents a significant milestone in the platform’s evolution.
By combining “Deneb” with the name of the famous tourist destination “Cancun,” this upgrade will lead to improved scalability, security, and network efficiency. The introduction of Proto-Danksharding and other EIPs aims to reduce the costs of Layer 2 approaches, enhance security measures, and create a more rewarding staking experience.
EIP-4844 could potentially result in a significant decrease in Ethereum’s settlement costs, which is a major development in addressing Ethereum’s scalability challenges.
Sam Bankman-Fried’s Sentencing – March 28
Sam Bankman-Fried, the founder of the bankrupt FTX crypto exchange, is facing a potential prison sentence of up to 110 years on March 28.
Bitcoin Halving – March – April
The Bitcoin halving, which was initially predicted to occur on March 6, is now expected to take place sometime in April or May.
“For the previous halvings in 2012 and 2016, the market experienced substantial price increases for Bitcoin. A bullish narrative for the 2024 halving has emerged in the market,” says Rikke Staer, the CEO of Coinify.
Spot Bitcoin ETF Options and Spot Ethereum ETFs – WHEN?
Cryptocurrency traders are eagerly awaiting the launch of spot Bitcoin ETF options, which may still be several months away.
Meanwhile, the Securities and Exchange Commission (SEC) has been granted an extension until the end of May to make its decision on the first spot Ethereum ETF applications.
The approval of spot Bitcoin ETF options and spot Ethereum ETFs would introduce new dynamics to the crypto market.
Regulatory clarity on spot Bitcoin ETF options and potential spot Ethereum ETFs is a key driver of investor sentiment in the crypto space.
The Fed’s interest rate decision, SBF’s sentencing, and the upcoming Bitcoin halving are likely to be the main news stories in the crypto industry, influencing traders’ perceptions and strategies.