Cryptocurrencies witnessed turbulent trading last week, with uncertainty high, impacting market participant sentiment. Notably, the US Bitcoin ETF saw a significant outflow of around $900 million amid outflow for the fifth consecutive day until March 22. This massive influx has spooked investors while raising concerns about waning institutional interest from Wall Street.
Moreover, investors paused ahead of the Federal Open Market Committee (FOMC) meeting, as the Federal Reserve chose to keep interest rates unchanged. Amid these developments, concerns about Ethereum's securities status have increased market anxiety.
Market insights and analysis:
This week is set to witness a series of economic and other events, which may pave the way for the future performance of the financial space, not to mention the cryptocurrency market. So, let's take a look at the key developments scheduled this week.
Federal Reserve Speeches:
This week, a team of Federal Reserve officials is scheduled to provide important insights into the market. Atlanta Fed President Raphael Bostic, Chicago Fed President Austin Goolsbee, and Federal Reserve Board of Governors Lisa Cook are scheduled to speak today.
At the same time, their statements could highlight the Fed's plans to raise interest rates in the future, affecting market sentiment. In addition, speeches by Fed Governor Christopher Waller and Fed Chairman Jerome Powell later in the week will be closely watched by cryptocurrency market enthusiasts for any indicators affecting market dynamics.
Read also: Cathie Wood unloaded $123 million of Coinbase and Robinhood shares this week
Economic data releases:
Several important economic data are expected to be released this week, which will influence market movements. It is worth noting that consumer confidence data on Tuesday, followed by the second revision of GDP data on Thursday, will provide insight into the health of the US economy.
On the other hand, the release of consumer confidence data on Thursday, followed by the PCE index and core PCE index on Friday, will guide investors' expectations regarding the Fed's future interest rate decisions. The economic data set will be closely watched by the financial sector, not to mention the cryptocurrency market.
minimum:
Despite the market volatility, market analysts remain optimistic about the potential rise in Bitcoin in the coming days, fueled by anticipation for the upcoming Bitcoin halving event. Historically, this event stimulates Bitcoin price spikes, which stimulates momentum in the cryptocurrency space.
However, caution is advised as past performance does not guarantee future results. In addition, attention is also turning to Ripple Vs. The SEC lawsuit is scheduled to be updated on March 26, which will attract significant interest from cryptocurrency enthusiasts and the XRP community.
Notably, Ripple CEO's recent comment suggesting a potential legal victory for Ethereum over the US Securities and Exchange Commission similar to the success of XRP has sparked market discussions. We urge investors to remain vigilant amid these developments shaping the cryptocurrency landscape.
Read Also: Ethereum On-Chain Data Points to Bullish Outlook, Is There a Strong ETH Price Rally Ahead?
