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Cryptocurrency Market to Witness Two Major Events This Week

12-Sep-2022 By: Shikha Jha
Cryptocurrency Marke

Last weekend, Bitcoin and the broader cryptocurrency market had seen a sharp increase, pushing the overall crypto market back above $1 trillion. As a result, BTC and ETH end last week with double-digit weekly gains.

However, the crypto market has been bracing for turbulence ahead of this week's US CPI inflation report. The price of BTC has increased 1.5% in the last 24 hours and is currently trading at $21,823 levels. Similarly, ETH is down 2.17% and is currently trading at $1,736.

On Tuesday, September 13, higher-than-expected inflation data might put a shadow on the crypto market rally. Furthermore, it may have a direct influence on the Fed's interest-rate decision later this month. The majority of market experts believe the Fed will raise interest rates by 75 basis points this month.

However, higher inflation figures may force the Fed to become more hawkish and raise interest rates. But some market analysts anticipate that the Fed's rate hikes will stall in the coming months, which might be a net positive for Bitcoin.

Excitement Around ETH Merge

The Ethereum Merge is only three days away, and the market is filled with both excitement and anxiety. Any hiccups in the Ethereum Merge upgrade would be enough to halt the ETH price rally.

However, things have been going pretty well and smoothly with the testnet advances in recent weeks.

According to Sean Farrell, Fundstrat Global Advisors LLC's head of digital asset strategy, "we continue to be long Ether into the Merge, leveraging dips as buying opportunities." He also stated that Ether did not suffer from a "sell-the-news" slump after three previous Ethereum upgrades.

Read also: Will Ethereum's Price Rise to $2000 in the Upcoming Week?

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