Something always happens within crypto that can have an effect on, among other things, the bitcoin (BTC) rate† It is therefore smart to prepare yourself well for what is to come. That is why in this article four developments that could have a possible effect on the prices this week!
1. US inflation numbers good for BTC?
Ten first reports FTX access that tomorrow at 8:30 ESTwhich is 14:30 Dutch time, the American Consumer Price Index (CPI) is announced. The CPI is a representation of a basket of consumer goods and is seen as a tool to measure inflation. And as inflation is again expected to be high, 8.4% is expected, this could have negative effects on equity markets.
Bitcoin has been quite correlated with traditional assets for some time now. Falling prices there can therefore possibly radiate to bitcoin and also push the BTC price further down. The Vice-President of the Federal Reserve will also speak at 6:10 pm, which could also have an impact on prices.
2. First quarter profits to be announced
Then on Wednesdayit starts earnings season for the first quarter. Companies will release their first quarter results, starting with banking giant JP Morgen on Wednesday. The war in Ukraine is expected to have had a negative impact on performance in the early part of this year. And as mentioned, given the correlation between bitcoin and the traditional markets, this could have a negative effect on the crypto markets.
3. More clarity about Ethereum merge
On Friday, an ETH dev call held. During the day Ethereum (ETH) core devs meeting 136 is likely to become more clear about the highly anticipated merge. The merge is the merging of the old blockchain with the new, proof-of-stake (PoS) blockchain. An exciting event as this is the next big step for Ethereum. We will of course keep a close eye on this and will ethereum news share as soon as possible.