Crypto enthusiasts around the world are gearing up for an action-packed day with three major events that have the potential to shake up the crypto world, including the release of the US Consumer Price Index (CPI) data, the Federal Open Market Committee (FOMC) minutes, and the launch of the ETH Shanghai upgrade. Here are the important events that will happen on a daily basis and the data that should be paid attention to…
Investors await US CPI data
cryptocoin.com As we have also reported, the US Bureau of Labor Statistics will announce the latest CPI data at 15:30 CET. These data give an idea of the inflation rate by measuring changes in the prices of a basket of goods and services. The release of the data is eagerly awaited by investors as it could have a significant impact on the economy and the crypto market.
CME’s FedWatch tool shows a 61 percent probability of a 0.25 percent rate hike in May. The release of CPI data may indicate an increase in inflation, which may affect the price of Bitcoin and other crypto assets, leading investors to seek safe-haven assets such as gold and crypto. On the other hand, a surprise drop in inflation could lead to a rally in the crypto market.
FOMC minutes are also important for cryptocurrencies
The FOMC will announce the minutes of its last meeting at 21:00 CET. The minutes of the meeting will reveal more details about the Fed’s expectations and assessments of the latest interest rate decision. The minutes will provide information on the Fed’s stance on interest rates and monetary policy. Investors are watching this event closely as any surprise announcement could have an impact on the economy and the crypto market. If the FOMC proposes a change in monetary policy, this could have a significant impact on the crypto market. A hawkish stance could lead to higher interest rates, which could lead to a drop in the value of Bitcoin and other digital assets.
ETH Shanghai upgrade is coming
Finally, today the Ethereum network will go through a major upgrade known as the ETH Shanghai Capella (Shapella) upgrade. This upgrade will bring significant changes to the network, including a reduction in gas fees and an improvement in the overall performance of the network. The ETH Shanghai upgrade will change the game for Ethereum as it will make the Ethereum network more efficient and cost-effective. This upgrade could lead to an increase in cryptocurrency adoption as it makes the Ethereum network easier and more affordable to use. It will be the final piece to complete Ethereum’s transition from proof of work to proof of stake consensus mechanism. Also, the upgrade is expected to increase the price of ETH.
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