Overview
Crypto Daybook Americas provides insights into the cryptocurrency market, focusing on Bitcoin’s recent performance as it rises above $81,000 in anticipation of the U.S. inflation report scheduled for tomorrow.
Key Developments
- The rebound in cryptocurrency values is primarily driven by layer-1 and layer-2 coins, with gaming tokens also seeing an uptick.
- Current indicators on Wall Street suggest a sentiment of “peak fear” indicating potential market bottoming.
Ilan Solot, Senior Global Market Strategist at Marex Solutions, remarked, “Is the worst behind us? It’s impossible to say, but the risk-reward for entering long positions in U.S. stocks is improving.”
Meanwhile, expectations for U.S. inflation are fluctuating as the Truflation U.S. Inflation Index has decreased to 1.35%, a hopeful sign for future rate cuts from the Federal Reserve.
Upcoming Events
- March 11, 9:00 a.m.: Horizen (ZEN) mainnet upgrade.
- March 11, 10:00 a.m.: U.S. House Financial Services Committee hearing on stablecoins and a CBDC.
- March 11: Bitcoin Policy Institute and Senator Cynthia Lummis host the event “Bitcoin for America” in Washington.
What To Watch
Analysts are wary of a potential CPI report that exceeds expectations, which could prompt a fresh downturn in Bitcoin and the broader cryptocurrency market, with some projections suggesting a dip to $74,000.
Stay proactive and keep an eye on the evolving market.
