The Federal Reserve is expected to maintain interest rates unchanged on Wednesday, but if Chairman Powell hints at a potential rate hike during his press conference due to persistently high or further rising oil prices, it could trigger a sell-off in crypto asset prices, noted Peters.
What This Means
What to Watch Next
Bitcoin is struggling to break through the $74,000 resistance level amid increasing ETF inflows.
Looking ahead, this week's Federal Reserve meeting could play a pivotal role in determining whether Bitcoin breaks the $74,000 mark or experiences a pullback. While the market had previously anticipated a dovish pivot, the sudden surge in oil prices due to ongoing conflicts in the Middle East may prompt the Fed to reconsider its outlook.
Simon Peters, Crypto Analyst at Etoro
"The Fed is expected to keep rates unchanged on Wednesday, but if Chairman Powell hints at a potential rate hike during his press conference due to persistently high or further rising oil prices, it could trigger a sell-off in crypto asset prices," Peters stated.
The meeting will also see the release of the Fed's latest "dot plot," offering insights into where each FOMC member believes interest rates should be at year-end, next year, and in the longer term.
AI Tokens Surge on Nvidia Remarks
Ahead of Nvidia's GTC AI conference this week, Jensen Huang described artificial intelligence as "fundamental infrastructure," stating that every company and country will build and use it.
These remarks have reignited market interest in on-chain decentralized AI networks, driving up tokens such as TAO and FET.
Mastercard Launches Crypto Partner Program
Mastercard has launched its Mastercard Crypto Partner Program, a new global initiative that brings together over 85 companies from the crypto ecosystem, including exchanges, stablecoin issuers, and blockchain development teams.
The program builds upon Mastercard's existing digital asset activities, including its Start Path blockchain track, Engage platform, and crypto card programs.
Bitcoin Reaches 20 Million Supply Milestone
Last week, Bitcoin achieved a historic milestone when the 20 millionth Bitcoin was mined, marking over 95% of the cryptocurrency's total supply of 21 million coins having been issued.
This milestone was reached on March 10th at block height 931,200, over 17 years after the network's inception. With Bitcoin's halving schedule, the remaining 1 million BTC are expected to take approximately 114 years to mine, with the last Bitcoin anticipated to enter circulation around the year 2140.
Crossing the 20 million milestone once again highlights Bitcoin's scarcity dynamics. With demand continuing to outpace the new supply issued by miners daily, and many holders reluctant to sell at current prices, the market may be poised for significant upside in the coming months and years.