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Almost always, Bitcoin (BTC) and Ethereum (ETH), the most prominent cryptocurrencies, are influenced by the major announcements and events in the United States.
The United States Housing Start will likely release its data on the construction of new residential buildings in the U.S. on March 19, 2024. The report is drafted to depict the health of the housing market and its entire economic activities.
The United States Federal Reserve is done with the discussion of interest rates; it is likely to announce the rate on March 20, 2024. Market observers claim that the announcement of the FED might affect the price action.
Following the interest rate announcement, the U.S. Fed will hold a press conference to discuss the economy and Fed rates for the upcoming months. Bitcoin and Ethereum prices have outperformed in the past few months, and the market cap has reached over $2.50 Trillion.
This entire week is loaded with crucial announcements; on March 21, 2024, the Philly Fed Manufacturing Index will be released. The Philly Fed Survey measures the health, development, and outlook of the manufacturing sectors in the United States.
BTC Price & the United States
It is well known that Bitcoin and the entire digital asset market are influenced directly or indirectly by events in the United States. A tussle between the cryptocurrency firms and the Securities and Exchange Commission (SEC) is one of the most important factors influencing BTC price.
The SEC is actively engaged in affairs related to digital assets and cryptocurrencies, but the commission still needs to draft a framework for its regulation to date. Earlier this year, Coinbase and Kraken faced a lawsuit from the SEC.
The SEC approved the much-awaited Bitcoin spot ETF in January 2024; it gathered Billions following the approval. However, dozens of analysts claim that the yet-to-be-approved Ethereum spot ETF might get approval in May 2024.
Market Price Update
The entire crypto market has flourished significantly since the beginning of 2024; some leading and renowned coins/tokens surged more than 50%.
Bitcoin price has grown more than 30% in the past 30 days; when writing, it was trading at $67,340. However, the trading volume of BTC has reflected a steep decline of 22.90% in the past 24 hours.
It is crucial to note that Bitcoin traded at its all-time high on March 14, 2024. The price might continue to grow, as the 4th BTC halving is due in April 2024.
Ethereum, the second most prominent crypto in terms of market capitalization and credibility, has surged 12% monthly. At the time of publishing, ETH is trading at $3,544, with an intraday decline of 0.56%.
Jupiter (JUP) became the leader of the intraday gainers list as its price surged over 12%. Other prominent surges were recorded in Dogwifhat (WIF) 21.68%, Solana (SOL) 5.88%, and Avalanche (AVAX) 11.27%, and Conflux (CFX) 5.32%.
The Memecoin market has emerged as one of the most significant subcategories of the crypto space. Floki (FLOKI) lost 11.43% in the past 24 hours.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
