Three Major Events Set to Shake Up the Crypto World Today

Crypto enthusiasts around the world are gearing up for an action-packed day as three major events have the potential to shake up the crypto world today, marked by the release of US Consumer Price Index (CPI) data, the Federal Open Market Committee (FOMC) minutes, and the ETH Shanghai upgrade going live.

US CPI Data Release

At 6:00 PM IST, the US Bureau of Labor Statistics will release the latest CPI data. This data measures the changes in the prices of a basket of goods and services, providing insights into the inflation rate. The data release is eagerly awaited by investors as it can have a significant impact on the economy and the crypto market.

The CPI data release can influence the price of Bitcoin and other digital assets as it could indicate a rise in inflation, which may lead to investors seeking safe-haven assets like gold and crypto. On the other hand, a surprise drop in inflation could lead to a rally in the crypto market.

FOMC Minutes Release

At 11:30 PM IST, the FOMC will release the minutes of its latest meeting. The minutes will provide insights into the Fed’s stance on interest rates and monetary policy. Investors are watching this event closely as any surprise announcements could have an impact on the economy and the crypto market.

If the FOMC suggests a change in monetary policy, it could lead to a significant impact on the crypto market. A hawkish stance could lead to higher interest rates, which may lead to a decline in the value of #Bitcoin and other digital assets.

ETH Shanghai Upgrade Going Live

Today, the Ethereum network is set to go through a significant upgrade known as the ETH Shanghai Capella (Shapella) upgrade. This upgrade will introduce significant changes to the network, including reductions in gas fees and an improvement in the overall performance of the network.

The ETH Shanghai upgrade would be a game-changer for Ethereum, as it will make the Ethereum network more efficient and cost-effective. This upgrade could lead to an increase in the adoption of crypto, as it makes it easier and more affordable to use the Ethereum network. It will be the final piece that ties up Ethereum’s transition from proof of work to proof of stake consensus mechanism. Moreover, the upgrade is expected to boost ETH’s price.