3 Notable Crypto Market News In The 2nd Week Of April

Key Points:

• The long-awaited Shapella upgrade by the Ethereum community and the crypto market will be rolled out this week.
• In addition, the CPI data will show us where inflation is at.
• Minutes of the FOMC meeting is also released this week.

Bitcoin has now been trading sideways for the over past 3 weeks following impressive gains. Currently, the crypto market is waiting for a spark to explode. So what do we have to look forward to this week?

Shapella

The price of Ethereum momentarily recaptured $1,900 for the first time since August 2022, and the upgrade will take effect at 10:27 p.m. on April 12.

Almost 18 million ETH are presently staked, accounting for 15% of the market supply. The aforesaid ETH will be freely circulating on the market after the upgrade is completed and the staked ETH is withdrawn. There is a reason why the Ethereum community is excited about this significant improvement.

March 2023 CPI data

The March US CPI will be released at 12:30 p.m. on April 12. This is a notable monthly macro event for financial market investors. The CPI projection for tonight will be 5.2% lower than the 6.0% in the February CPI statement.

When CPI numbers are lower than expected, the price of Bitcoin normally rises, and vice versa. This is also in accordance with the hypothesis. In particular, if the CPI is lower than expected or falls dramatically compared to the prior month, this indicates that inflation has fallen quickly, and the Fed will have less need to tighten monetary policy if it meets its objective soon. This reduces the likelihood of a significant interest rate rise, which benefits Bitcoin and vice versa.

Minutes of the FOMC meeting of March released

The minutes of the March FOMC meeting was issued by the US at 6:00 p.m. on April 12. This is the statement issued by the US Federal Reserve Fed after its meeting.

The market will vary based on the phrasing of the meeting text when it is issued. Meetings are conducted eight times each year. Typically, the meetings determine US federal interest rates and debate major economic topics. If the FOMC meeting minutes demonstrate that the Fed is still committed to tightening inflation with interest rate hikes in the near future, investors will be disappointed.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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