These Two Major Events Can Stir Huge Volatility in Crypto Market This Week
Bitcoin and the broader cryptocurrency market entered a strong rally last weekend taking the total crypto market once again above $1 trillion. BTC and ETH will close the previous week with double-digit weekly gains.
However, the crypto market has been bracing up for volatility ahead of the U.S. CPI inflation data coming this week. The BTC price is less than 1% up in the last 24 hours and is currently trading at $21,763 levels. Similarly, ETH is down 2.15% and trading at $1,725 levels.
Higher than expected inflation reading on Tuesday, September 13, could cast shadows on the crypto market rally. Furthermore, it could directly impact the Fed’s interest-rate decision ahead of this month. A majority of the market experts believe that the Fed could go for a 75 basis points rate hike this month.
However, a higher inflation reading could force the Fed to turn hawkish with a higher rate hike. But some market experts also believe that the speed of Fed rate hikes could be slowing in the coming months, and this could be a net positive for Bitcoin. Tony Sycamore, senior market analyst for City Index Ltd. said:
“The market knows that it’s got a break from this unrelenting hawkish Fedspeak for a couple of weeks and that the pace of central bank rate hikes is likely to slow”.
Excitement Around Ethereum Merge
We are just three days away from the Ethereum Merge, and the market has mixed sentiments of excitement and anxiety. Any bumps in the upgrade of Ethereum Merge would be enough to bring a slowdown in the ETH price rally.
However, things have been going pretty fine and smooth with the testnet developments over the last few weeks. Sean Farrell, head of digital asset strategy at Fundstrat Global Advisors LLC, told Bloomberg:
“We continue to be long Ether into the Merge, using dips as buying opportunities”. He added that Ether didn’t succumb to a “sell-the-news” drop after three earlier Ethereum upgrades.
- John Bollinger Sees ‘W’ Bottom Forming in Ethereum and Solana, Not Bitcoin
- Robert Kiyosaki Calls Bitcoin and Ethereum ‘Real Money,’ Urges Investors to Ditch ‘Fake’ Fiat
- ‘Sell Gold, Buy Bitcoin’: Expert Flags Major Market Bottom Signal
- Ripple Makes ‘Unusual’ $500M Transfer Amid $1 Billion XRP Treasury Plans
- ‘I’m Going Bonkers’: Dave Portnoy Says He’ll Buy XRP Again If It Dips Below This Level
- Solana Price Prediction: Analyst Notes Bearish Breakdown Amid Derivatives Slowdown
- Shiba Inu Price Eyes Recovery as Burn Rate Jumps 10,785% – Can SHIB Hit $0.000016?
- Ethereum (ETH) Price Prediction: Analyst Eyes $7,000 by Q4 as Bitmine Accumulates $281M ETH — Will History Repeat Itself?
- HYPE Price Teeters Amid Weak Technicals and Soaring Liquidations
- XRP Price Prediction As Ripple Announces $1B Treasury Plans – Is a Rebound Imminent?
- Bitcoin Price Prediction Amid Gold’s Parabolic Rally to Second-Largest Reserve Asset
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
