Last week, the crypto currency market experienced sharp fluctuations in line with developments in the US. The market was shaken by major declines in spot Bitcoin ETFs and an investigation into the Ethereum Foundation, while the lack of changes in the Federal Reserve’s (Fed) interest rate policy somewhat restored market confidence.
Statements by Fed Officials Will Affect the Market
This week, statements by Fed officials will provide clues about interest rate hike plans and may affect market sentiment. The upcoming statements of Fed Chairman Jerome Powell and other officials will be closely monitored.
In addition, important economic data such as consumer confidence, GDP, and consumer sentiment are expected to be announced. These data will affect investor expectations regarding future Fed interest rate decisions.
Potential Rallies and Important Situations
Crypto analysts carry positive expectations due to the historical trigger of price rallies by the upcoming Bitcoin block reward halving, while also advising investors to be cautious about not guaranteeing the future based on the past.
In addition, the crypto community is focused on the Ripple – SEC hearing scheduled for March 26. This hearing holds significant importance for the XRP community and the general crypto currency market.
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