Cryptocurrencies witnessed turbulent trading last week with uncertainty looming large, impacting sentiment among market participants. In particular, the US Bitcoin ETF witnessed a significant outflow of approximately $900 million, with outflows continuing for five consecutive days until March 22nd. This huge outflow has raised investor concerns, as well as concerns about declining institutional interest from Wall Street.
Additionally, investors stopped short in the face of the Federal Open Market Committee (FOMC) meeting, where the Fed chose to keep interest rates unchanged. Amid these developments, concerns about Ethereum's security status have increased market anxiety.
Insights and market analysis:
There is a flurry of economic and other events scheduled this week that could impact the future performance of the financial industry as well as the crypto market. So let's take a look at the main developments coming this week.
Federal Reserve Board Speech:
This week, a lineup of Fed officials will provide important market insights. Atlanta Fed President Rafael Bostic, Chicago Fed President Austan Goolsby, and Federal Reserve Board Member Lisa Cook are scheduled to speak today.
On the other hand, their comments could shed light on the Fed's future rate hike plans and influence market sentiment. Additionally, speeches by Fed Director Christopher Waller and Fed Chairman Jerome Powell later this week will be closely monitored by crypto market enthusiasts for any signs of influencing market trends.
Also read: Cathie Wood releases $123 million in Coinbase and Robinhood stock this week
Economic data release:
Several important economic indicators are expected to be released this week, which will influence market movements. In particular, consumer confidence data on Tuesday, followed by a second revision of gross domestic product (GDP) data on Thursday, will provide insight into the health of the US economy.
Meanwhile, the Consumer Confidence Index will be released on Thursday, and the PCE Index and Core PCE Index will be released on Friday, further increasing investors' expectations regarding the Fed's future interest rate decisions. The series of economic data will be closely monitored not only by the crypto market but also by the financial sector.
Conclusion:
Despite the market volatility, market analysts remain optimistic about Bitcoin's potential for a rally in the coming days, fueled by expectations for the upcoming Bitcoin halving event. This event historically caused a rise in the price of Bitcoin and accelerated momentum throughout the cryptocurrency world.
However, please note that past performance does not guarantee future results. Furthermore, Ripple VS is also attracting attention. An update on the SEC lawsuit is expected on March 26th, and has attracted intense interest from crypto enthusiasts and the XRP community.
In particular, Ripple CEO's recent comments suggesting that Ethereum may have a legal victory against the US SEC, similar to the success of XRP, have sparked market debate. Investors are urged to remain vigilant as these developments shape the world of cryptocurrencies.
Also Read: Ethereum On-Chain Data Shows a Bullish Outlook; Will ETH Price Rise Continue?
