Top 3 Major Events That Could Have a Big Impact on the Crypto Space in the Next

[Coinpedia Fintech News]

The world of cryptocurrencies is always exciting, but it seems like we're in for a wild ride in the next 24 hours. With multiple events lined up, the markets are sure to experience some major deviations.

First up, we have the US CPI rates set to release at 6:00 p.m. IST. As we all know, inflation rates have a significant impact on the economy and the crypto space. So, it's natural to wonder whether the rates will rise or drop and how that will affect the prices of various cryptocurrencies.

The FOMC minutes are also set to roll out at 11:30 EST. These minutes will reveal the Federal Reserve's stance on interest rates and monetary policy. This information will be crucial for traders as it can influence market sentiment and cause fluctuations in crypto prices.

Last but not least, the Ethereum Shanghai upgrade is just a few moments away. This upgrade is believed to have a significant impact on the crypto space, and we're eagerly waiting to see how it plays out.

All of these events combined make the next 24 hours extremely important for the entire crypto space. We may witness some massive deviations, and the bulls will need to hold the Bitcoin price above major support levels in case of bearish interference.

As we've seen in the past, whenever inflation rates soar, Bitcoin prices receive a bullish push. And lowered CPI rates result in an extended period of consolidation. With the fresh CPI forecast slightly slowing down and a drop to 5.2% expected from the current 6%, we may experience extended consolidation for a while.

But don't worry, the long-term forecast remains largely bullish, and the bulls may continue to propel Bitcoin towards higher targets.