Today is a major day for entities in the crypto industry. Two crypto associated events and two traditional finance activities are all posed to significantly impact the crypto outlook in the short term.

First, the highly anticipated Shanghai Capella upgrade, otherwise known as the Shapella Fork, is set to launch later today and many speculate that it will significantly affect the value of Ethereum. Investors are anticipating a drop in price because $34 billion worth of Ether will be unlocked. Already, ETH has already decreased by more than 2.5% ahead of the upgrade.

The second event in the crypto sphere is the release of the U.S. Consumer Price Index (CPI) data from the Bureau of Labor Statistics of the United States. This data has a great influence on the prices of consumer goods and services, as well as inflation trends. Investors often view alternative assets such as gold and crypto as safe havens if the CPI data expresses a hike in inflation. During the last CPI data release on March 14, 2023, Bitcoin jumped about 5%.

The next two events related to traditional finance are the meeting minutes of the U.S. Federal Open Market Committee (FOMC) and any shift in their monetary policy. The minutes reveal the Federal Reserve’s attitude towards interest rates and other matters affecting the financial sector. If the FOMC decides on higher interest rates, it could potentially affect the lending power of banks, leading to a decrease in Bitcoin's price.

Overall, today is sure to have a significant impact on the crypto market and all stakeholders in the industry should remain attentive to headlines and latest updates related to any of the aforementioned events.



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