Major Crypto Rally; This News After Ethereum Shanghai Upgrade?

Crypto News: As Bitcoin price rose to a new high of $30,000 in 10 months, the crypto market is anticipating possibly the biggest event of the week, the Ethereum Shanghai Upgrade. The upgrade is scheduled at epoch 194048 on April 12, 2023 at 10:27 PM UTC. In this context, the U.S. Bureau of Labor Statistics is set to release the Consumer Price Index (CPI) data for the month of March 2023. This data will be key to the US Federal Reserve’s decision making for further interest rate hike.

Also Read: Major Wall Street Giants Share U.S. CPI Estimates, Will Bitcoin’s Price Rally Further?

Ahead of the inflation data release, US Treasury Secretary Janet Yellen said inflation in the United States still remained too high. This could mean increasing possibility of the Fed sticking with its rate hike stance to in its efforts to contain inflation to its 2% target. The central bank has been maintaining that the ongoing rate hikes have been appropriate, despite hurdles in the US regional banking system.

Ripple Case Summary Judgement This Week?

Although it is highly unpredictable as to when Judge Torres would pronounce the Summary Judgement in the Ripple Vs SEC case, attorney John Deaton, who represents the 76,000 XRP token holders, is wondering if there is such a possibility. He suggested that this week could see unprecedented boost for the crypto market if the judgement is delivered.

“Bitcoin over 30K today. ETH’s Shanghai update tomorrow. A great and fantastic ruling from Judge Torres in the Ripple case next could prove to be Crypto’s biggest week ever.”

Amid heightened regulatory scrutiny from the U.S. Securities and Exchange Commission (SEC) in recent times, the Ripple case judgement could prove to be highly volatile event for the market. Also, the judgement would put to rest the debate over altcoins are securities or not.

Also Read: Bitcoin, XRP Price Gains As Stock Market Looks Mixed Ahead Of Inflation Data

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Reach out to him at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.