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What Will The Markets Tell Us This Week?

Date Time Change Case Expectation Data Released in the Previous Month
18.03.2024 13:00 EUR Eurozone Consumer Price Index (CPI) data %2,6 %2,8
20.03.2024 21:00 USD FED Interest Rate Decision 5,50% 5,50%
20.03.2024 21:30 FOMC Press Conference
21.03.2024 14:00 TCMB Interest Rate Decision
22.03.2024 XRP Deadline for the SEC to present initial evidence in the Ripple case
24.03.2024 It’s the last day for the SEC to rule on VanEck’s spot Ethereum exchange-traded fund (ETF).

 

  • ETHDencun Update Completed The update expected to take place last Wednesday was successfully completed. The long-awaited development update, known as Dencun, was successfully implemented on the Ethereum main network. This scalability-focused update, called Dencun, significantly reduces transaction costs by providing Ethereum with a dedicated data channel. Following Dencun, the availability of data blocks in Ethereum is expected to reduce transaction fees by an average of 5-10 times.
  • Bitcoin Fell from 73,000 to 64,500 USDT Levels Over the Weekend.
  • This week, interest rate decisions will be announced in the Eurozone, the US, and Turkey.
  • South Africa Completes Preparations to License 60 Crypto Firms. According to Bloomberg, South Africa’s financial regulator is finalizing preparations to license 60 crypto firms. The regulatory authority reported receiving applications from a total of 300 firms. Financial Sector Conduct Authority Commissioner (FSCA) Unathi Kamlana said in an interview with Bloomberg, “We are processing these licensing applications and doing so gradually given the numbers.”
  • Mining Difficulty Level Hits Record High Parallel to the rise in Bitcoin price, a record high was seen in the mining difficulty level. With the adjustment made on March 14, the difficulty level reached 83.9 trillion, the highest level in history. The previous peak was recorded on February 15 at 81.7 trillion. After that, there was a slight decline with the adjustment on March 1, dropping to 79 trillion, but this decline did not last long. Parallel to the mining difficulty, the hashrate level also reached a new peak. The recorded hashrate reached 591.14 EH/s. Miners are currently earning 6.25 BTC per block. With the Bitcoin halving expected in April, this reward is expected to decrease to 3.125 BTC.

https://btc.com/stats/diff

BTC Dominance:

BTC dominance fell from the 55% range to the 53% range. This indicates a decrease in Bitcoin’s share of the total market value in the crypto market. This situation may suggest that other cryptocurrencies are beginning to attract more demand compared to Bitcoin or that interest in alternative assets is increasing.

 

BTC:

If we evaluate Bitcoin this week with the ITB analyses available on our EgeMoney website;

 

Last week, we observed that the percentage of investors holding Bitcoin at a price above their cost, i.e., in profit, was at 100%. We noted the need for caution against potential profit-taking. And indeed, we saw a pullback in Bitcoin over the weekend to levels around 64,500. Additionally, we observed that the percentage of ‘Owners Making Money at Current Price’ also dropped to 96%. This indicates that money in the market is slowly shifting from Bitcoin to altcoins. Investors taking profits are transitioning to altcoins, so we should also be cautious against pullbacks in Bitcoin this week. The downward trend in on-chain signals is not negligible. Remember to refresh the page when using our ITB analyses as the data gets updated.

“The investment information and comments contained in this research report are not investment advice.”

Araştırma Uzmanı at EgeMoney

Uzmanlık alanlarım arasında temel ve teknik analiz, portföy yönetimi, risk analizi ve pazar araştırması bulunmaktadır. Hızla değişen piyasa koşullarına uyum sağlama ve rapor üretme benim önceliklerim arasındadır. Finansal geleceğinizi şekillendirmek ve karar alma süreçlerinize değer katmak amacıyla araştırmalarımı EgeMoney platformu üzerinden sizlere sunuyorum.