"You have to be careful you know. There are many things this week, the economic data is halving."
The entire cryptocurrency market is gearing up for the most anticipated week of the Bitcoin (BTC) halving event, but all eyes are also eagerly waiting for the United States (US) Consumer Price Index (CPI) and Producer Price Index (PPI) data to be set explain the trend of inflation.
Amid growing concerns over a possible interest rate cut by the Federal Reserve (Fed), indicators from the data release hold a major influence on market sentiment and crypto valuations.
Not only that, the minutes of the Federal Open Market Committee (FOMC) meeting for March 2024 and the release of the US Federal Budget are also set to provide important insights that will be closely watched by crypto market participants.
Despite a drop in the unemployment rate at 3.8% and a 0.3% jump in hourly wages, concerns over the Fed's hawkish stance in the crypto market remain sparked as strong jobs data may delay expected interest rate cuts.
In addition to the release of important data, speeches from various Fed officials such as Atlanta Fed President Raphael Bostic and San Francisco Fed President Marry Daly can also be important indicators in determining whether interest rate cuts will happen or not.
There is no denying that optimism about BTC's potential price increase has arisen, but it should be noted that there are ongoing concerns regarding the short-term volatility that will occur post-halving.
While experts are weighing the potential outcome, the crypto community is not only staying on high alert but also monitoring developments that could shape the future trajectory of the digital asset.
