This week is a very critical week for the crypto market because several news will determine the direction of industry players.
There are a number of developments that could impact the crypto industry, from inflation data to legislation; Even updates on spot Ethereum ETFs and the U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple could be impactful.
US Consumer Price Index (CPI) data will be published on Wednesday. This data can be effective in determining the direction of the crypto market. Analysts expect headline CPI to rise from 0.4% to 0.3% in March.
"Investors need assurance that the Fed will cut rates at least once, or maybe two, so they need to believe that inflation will not rise again and may even fall," said Thomas Hayes, president of Great Hill Capital LLC.
SEC's Position on Spot Ethereum ETFs
There are predictions that the SEC is unlikely to approve spot Ethereum ETFs. The regulator has postponed its review of Galaxy Invesco's proposed Ethereum ETF until July 5. Meanwhile, ARK Invest and 21Shares removed staking from their ETF filings due to regulatory crackdowns on crypto staking.
Analysts predict that Ethereum could fall to $2,500 if the ETF is rejected. However, if approved, they think ETH could surpass $4,000.
In the coming weeks, the SEC will rule on a number of Ethereum ETF applications. These applications include companies such as BlackRock, Grayscale, Ark Invest and 21Shares, Fidelity, VanEck, Hashdex, Franklin Templeton, Invesco Galaxy Digital and Bitwise.
Crypto Regulations in the US Congress
House Financial Services Committee Chairman Patrick McHenry said that the US Congress could vote on the "Financial Innovation and Technology Act of the 21st Century" (FIT21) by the end of May. FIT21 will exercise jurisdiction over cryptocurrencies in investment contracts.
Representatives believe that this legislation will reinforce US leadership in the international financial system.
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So who will benefit?
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I EXPLAIN IN DETAIL.
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WHEN WILL THE AWARD COME?
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