Cryptocurrencies, especially Bitcoin (BTC) and Ethereum (ETH), experienced a decline after the problems at Silicon Valley Bank (SVB) on Friday night. But right now, crypto markets are bullish as the bailout plan for the SVB is revealed. So, what are the developments that will affect the market this week? Here are the important developments to be experienced between 13-19 March…
Bitcoin and altcoins rally: What are the key developments this week?
One of the important things right now is the Silicon Valley Bank (SVB) collapse, before we move on to the developments that will affect the market on a weekly basis. Bitcoin regained the $1,600 level as Bitcoin rallied just above $22,500 during the Asian morning hours on Monday, according to Coinecko. The move came after USD Coin (USDC) issuer Circle said it would close the entire gap in reserves on Sunday, and Federal regulators said SVB depositors would have access to all funds the Monday morning after the US opening. Apart from these two developments, the crypto money market is also affected by macroeconomic developments. Today, at 17:00 Turkish time, data on the US employment trend will be released.
Tomorrow will be a very important day for the markets. Because monthly and annual US core CPI data will be announced at 15:30 Turkish time. On Wednesday, Michelle W. Bowman of the US Federal Reserve will be speaking at night. On the other hand, monthly core PPI data will be announced at 15:30 on Wednesday. On the same day, core retail sales in the US will be determined. Applications for U.S. building permits and U.S. unemployment benefits will come to the fore at 15:30 CEST on Thursday.
The European Central Bank’s (ECB) interest rate decision will also affect the markets on Thursday. The ECB, which will be announced at 16:15 CET, is expected to raise the interest rate by 50 basis points. Following the announcement of the interest rate in Europe, European Central Bank President Christine Lagarde will make a speech at 18:15 Turkish time. On Friday, the CPI in the euro area will be announced at 13:00 CEST.
What will be the important cryptocurrency developments?
In the field of crypto money, some critical news may occupy the agenda. For example, on Friday, ApeCoin (APE) will unlock $157.5 million. On Wednesday, $88.7 million of BitDAO’s BIT token will enter the market. On Tuesday, $12.5 million of dYdX (DYDX) will be unlocked. Optimism (OP) and Filecoin (FIL) networks will receive updates on Tuesday and Wednesday. Also, as a result, the effects of developments such as Silicon Valley Bank (SVB) developments and the closure of Signature Bank may continue to affect the markets this week.
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