The cryptocurrency market is preparing to price 4 critical developments that spanned the month of March. The movement of the market followed a horizontal course after the sharp decline in the weekend. These 4 events that will take place in March may lead to an increase in volatility in terms of cryptocurrencies.
Cryptocurrency market will wait for these 4 dates in March
In the weekend that started with March 3, the collapse of crypto-friendly bank Silvergate completely reversed the trend of the market. The market overall fell drastically under the leadership of Bitcoin, which saw a thousand dollars wiped out in about 1 hour. While the impact of the event seems to have diminished, multiple events could topple the crypto space and maintain the volatility of the tokens.
As for the critical dates, these are centered around the Mt.Gox case US CPI data. Dates and other developments are as follows…
Mt.Gox, which went bankrupt in January 2014, is expected to begin paying users back on March 10. There is much speculation regarding Mt.Gox’s redistribution plan. While some believe that investors will not sell BTCs, others think that a large selling pressure could start a new bearish wave in the future. Also, the US CPI report, which is believed to be an important driver, is expected to be released on March 14.
The highly anticipated Ethereum developers have a goal to release the Shanghai upgrade on the Goreli testnet by March 14. This development may be the testnet before the mainnet version, which has not yet been released. Then, on March 21, the FOMC meeting will be held next month, the minutes of which have been affecting the entire market for a long time.
Here is the March news calendar of the cryptocurrency market
- Mt.Gox begins refunding users on March 10
- US CPI report will be released on March 14
- Shanghai upgrade will take place on March 14
- The US FOMC meeting will take place on March 21.
How can macro events in the US affect prices?
Amid all the FUD news, crypto investors are gearing up for the week of March 22, 2023, when the Fed sets an interest rate. The big riot will begin with Fed Chairman Jerome Powell attending a hearing in Congress on the Semi-Annual Monetary Policy Report. cryptocoin.com We have included the meeting time and the topics of the hearing in this article.
While Senator Bill Hagerty is expected to raise important questions in support of crypto, the hearing could yield interesting results for the central bank’s views on the emerging market. Powell’s trial will be followed by an employment report scheduled for March 10. All major consumer price index (CPI) data for February will be released on March 14, before the FOMC convenes on March 22.
The biggest names in the cryptocurrency market are falling over 5% on a weekly basis ahead of upcoming dates. Silvergate’s collapse over the weekend had an impact on the trend.
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