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Bitcoin and the broader cryptocurrency market entered a strong rally last weekend, once again taking the total crypto market above $1 trillion. BTC and ETH will close the previous week with double-digit weekly gains.
However, the crypto market braced for volatility ahead of US CPI inflation data coming this week. The price of BTC has risen less than 1% in the past 24 hours and is currently trading at $21,763. Similarly, ETH is down 2.15% and trading at $1,725.
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Higher-than-expected inflation on Tuesday, September 13 could cast a shadow over the rally in the crypto market. Also, it could have a direct impact on the Fed’s interest rate decision before this month. The majority of market experts believe the Fed could opt for a 75 basis point rate hike this month.
However, a higher inflation reading could force the Fed to get hawkish with a higher rate hike. But some market experts also believe that the speed of Fed rate hikes may slow in the coming months, which could be a net positive for Bitcoin. Tony Sycamore, senior market analyst for City Index Ltd., said:
“The market knows it’s gotten a break from this relentless hawkish Fedspeak for a few weeks and that the pace of central bank rate hikes is likely to slow.”
Excitement around the Ethereum merger
We are only three days away from the Ethereum merger, and the market has mixed feelings of excitement and anxiety. Any bump in the Ethereum Merge upgrade would be enough to slow the rise in ETH prices.
However, things have been going pretty well with testnet developments over the past few weeks. Sean Farrell, head of digital asset strategy at Fundstrat Global Advisors LLC, told Bloomberg:
“We continue to be long Ether in the merger, using dips as buying opportunities.” He added that Ether had not succumbed to a drop in “news selling” after three previous Ethereum upgrades.
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
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These Two Major Events May Spark Huge Volatility In The Crypto Market This Week
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