The crypto witnessed turbulent trading last week, with uncertainties looming large, affecting the market participants’ sentiment. Notably, the U.S. Bitcoin ETF witnessed a substantial outflow of around $900 million amid an outflux for a fifth straight day through March 22. This massive outflux sparked investors’ concerns while igniting worries about dwindling institutional interest from Wall Street.
Moreover, investors paused ahead of the Federal Open Market Committee (FOMC) meeting, where the Federal Reserve opted to maintain policy rates unchanged. Amid these developments, concerns over Ethereum’s securities status added to the market’s unease.
Insights and Market Analysis:
A flurry of economic and other events is due this week, which might set the stage for the future performance of the financial space, let alone the crypto market. So, let’s take a look at the key developments that are scheduled this week.
Federal Reserve Speeches:
This week, a lineup of Federal Reserve officials is set to provide crucial insights into the market. Atlanta Fed President Raphael Bostic, Chicago Fed President Austan Goolsbee, and Federal Reserve Board of Governors member Lisa Cook are scheduled to speak today.
Meanwhile, their remarks could shed light on the Fed’s future rate hike plans, impacting market sentiment. In addition, Fed Governor Christopher Waller and Fed Chair Jerome Powell’s speeches later in the week will be closely monitored by the crypto market enthusiasts for any indications influencing market dynamics.
Also Read: Cathie Wood Offloads $123M Coinbase & Robinhood Stocks This Week
Economic Data Releases:
Several significant economic data releases are anticipated this week, influencing market movements. Notably, the Consumer Confidence data on Tuesday, followed by the Gross Domestic Product (GDP) data’s second revision on Thursday, will offer insights into the U.S. economic health.
On the other hand, the release of Consumer Sentiment data on Thursday, followed by the PCE Index and the Core PCE Index on Friday, will further guide investors’ expectations regarding the Fed’s future rate decisions. The set of economic data will be closely watched by the financial sector, let alone the crypto market.
Bottom Line:
Despite the market’s volatility, market analysts remain optimistic over a potential rally in Bitcoin in the coming days, buoyed by anticipation for the upcoming Bitcoin Halving event. This event historically catalyzes Bitcoin price rallies, spurring momentum across the crypto sphere.
However, caution is advised as past performance doesn’t guarantee future outcomes. Besides, attention also turns to the Ripple Vs. SEC lawsuit update slated for March 26, drawing keen interest from crypto enthusiasts and the XRP community.
Notably, Ripple CEO’s recent comment suggesting Ethereum’s potential legal victory over the U.S. SEC akin to XRP’s success has stirred market discussions. Investors are urged to stay vigilant amid these developments shaping the crypto landscape.
Also Read: Ethereum On-Chain Data Signals Bullish Outlook, Strong ETH Price Rally Ahead?
